A young Bolton-born investment banker is celebrating his appointment as a director of a leading financial tech company.
Daanish Hussain, 24 from Farnworth, has already established himself as one the UK’s most promising young bankers having worked for Goldman Sachs and Epic Equity.
He has now been appointed non-executive director of Epic Partners, a holding company that is part of the Alliance Tech Group focused on financial technology organisations, and says the current economic climate could be good for savers.
Mr Hussain said: "An increase in the base rate can be positive for everyday savers, as it may lead to higher interest rates on savings accounts and other fixed-income investments.
“This could encourage saving and potentially increase income for individuals who rely on interest income.
“However, the impact can vary, and banks may not always pass on the full rate increase to savers."
“One of the primary reasons central banks raise interest rates is to control inflation.
“By increasing borrowing costs, the Bank of England aims to reduce consumer spending and investment, which can help prevent the economy from declining and keep inflation in check.
“If successful, a base rate increase can help maintain price and currency stability in the long run.”
The appointment marks another step in an impressive journey for the former Mount St Joseph secondary school pupil who went on to study corporate finance at the University of Edinburgh.
A high point in his career saw Mr Hussain bring in £30million worth of venture value over the course of 2021 alone.
He has previously said how he hopes to bring more investment to his hometown of Bolton in the coming years and now says the housing market could be key to the next few year’s economic development.
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Mr Hussain said: "The housing market can be sensitive to changes in interest rates.
“A base rate increase can make mortgages more expensive, potentially affecting affordability for prospective homebuyers.
“This could slow down the demand for housing, leading to a potential slowdown in the housing market activity and potentially impacting property prices.
“We have already seen this during this quarter and the bank of England have vowed to continue to increase the base rate to control inflation."
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