Money News

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

As the UK economy continues to feel the impact of the Coronavirus pandemic, the possibility of the Bank of England setting negative interest rates has taken a step closer to becoming reality. In fact, just last week the Bank of England wrote to banks asking them how ready they would be if negative interest rates were introduced.

While all the signs look like they are pointing to this historic step being taken, it is still not a certainty. One reason for this is because there is no consensus that negative interest helps boost an economy.

Although no one can be sure if the Bank of England will decide to set negative interest rates, consumers should start considering what impact it will have on their personal finances if base rate is cut. To help consumer prepare in the event that negative interest rates are introduced, below we’ve looked at how it will impact savings, mortgage repayments, and credit card and loan borrowing.

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Pet owners without pet insurance could find they have to pay thousands of pounds for common ailments, research from Scratch & Patch has found.

In a survey to find out the most expensive treatment for pets, Scratch & Pet found that acute gastroenteritis had the highest costs of £8,000 to treat. According to Scratch & Pet, acute gastroenteritis is a common pet ailment that can be caused by bacteria, viruses, parasites, medication or even new food. The second most expensive condition was road traffic incidents, which can cost £7,825, while the third most expensive was mast cell tumours, which cost £7,537 to treat. Something as simple as a limping can cost pet owners £7,434.

With common pet ailments costing thousands of pounds to treat, investing in a good pet insurance policy can help protect pet owners from having to pay eye-wateringly high vet bills. As Ian Rauland, managing director at Scratch & Patch, explained: “The industry has a responsibility to educate consumers on the cost of treatment so people can make informed decisions.

“Our survey showed a lack of knowledge on what treatment might cost. The average cost of treating Brachycephalic Obstructive Airway Syndrome (BOAS), a condition very common in flat-nosed dogs, for example is £1,686, almost twice what our pet-owner respondents thought it would be (£889). And as our research shows, our highest claim costs for this condition are more than £7,000.

“The hard truth is there is no free healthcare system for animals, and no one wants to have to consider the life and death of their loved pet because of money.”