How Do Interest Rates Impact Finances?
Interest rates significantly impact personal and business finances. When the Bank of England rate is high, borrowing becomes more expensive, increasing mortgage, loan and credit card costs. This can slow down spending and investment. Conversely, savings accounts may offer better returns. When interest rates are low, borrowing is cheaper, encouraging spending but reducing savings returns. Currently, with a 4.5% Bank Rate and 2.5% inflation, borrowing costs are moderate, and savings retain some value. However, banks adjust their rates independently, considering operational costs and competition. Changes in the Bank Rate don’t always translate directly into proportional shifts in borrowing and savings rates.
Source: Bank of England
How Have Worldwide Events Influenced Global Finance?
The below global events have significantly impacted global finances:
- The COVID-19 Pandemic - The global economy declined by more than 3% over the course of 2020 during the height of the COVID-19 pandemic
- The Dot Com Bubble - Positive press led to an explosion of start-ups and a fear of missing out on the digital goldrush, before the bubble burst in 2000 and caused the market to shed 10% of its value
- Brexit - The UK voted to leave the European Union, causing the British pound to fall to its lowest level against the dollar in 30 years
- The Great Financial Crisis - A severe contraction in economic activity that lasted from December 2007 to June 2009, nicknamed "The Great Recession"
- Donald Trump's Tariffs on China - President Donald Trump imposed a 10% tariff on Chinese goods, significantly impacting the global economy and finances on exported goods
Sources: IG, Investopedia & BBC
What are the Benefits of Hiring a Finance & Banking Speaker?
Hiring an expert keynote speaker on finances and banking brings immense value to any event. These professionals offer deep industry insights, breaking down complex financial concepts into actionable strategies. They provide expertise on economic trends, risk management, investment strategies and banking innovations, helping businesses and individuals make informed decisions. Their presentations inspire confidence, offering practical takeaways for financial growth and stability. Additionally, expert speakers enhance credibility, attract high-calibre attendees, and foster meaningful discussions on wealth management, market shifts and financial resilience. Whether for corporate teams or industry conferences, a financial keynote speaker ensures attendees leave with valuable knowledge and strategies.
The COVID-19 pandemic triggered a cost-of-living crisis, with inflation, job losses and economic instability leaving many struggling financially. Research shows that individuals whose incomes decreased are significantly less confident in managing money, with only 38% feeling "very confident" compared to 54% of those with stable incomes.
This lack of financial confidence has increased demand for finance & banking speakers, who help individuals and businesses understand financial management, budgeting and economic trends. These experts provide valuable insights, empowering audiences to navigate uncertainty, build resilience and make informed financial decisions in an increasingly volatile economic landscape. For expert guidance on who the best finance & banking speakers are to hire, take a look at Champions Speakers' exclusive selection of the Best Banking & Finance Speakers to Book!
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