Brexit more important for interest rates than inflation

Mr Brettell said he would expect the same to happen in a no-deal Brexit, with the currency falling and inflation rising but the bank declining to put rates up. 

Kate Smith, head of pensions at Aegon, said: "Whilst inflation remains low, individuals should look to save any additional income where they can, particularly given that auto-enrolment pension contributions are about to increase and there is continued uncertainty around what impact Brexit may have on people’s spending power."

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