Wealth managers are not surprised that the Bank of England (BoE) has decided to keep interest rates steady at 0.1 percent.

Meanwhile, quantitative easing is being held steady for the time being.

Richard Carter, head of fixed interest research at Quilter Cheviot, warned there is “no denying that the bank faces an increasingly challenging economic environment in the months ahead”.

After the initial post-lockdown boom, UK economic growth has slowed and inflation pressures are rising quickly – especially in the energy sector.

Mr Carter added: “As with other global central banks, and in-line with ...