The term 'money market' covers the vast network of deals involving the lending and borrowing of cash in a range of currencies, generally between financial institutions such as banks, as well as manufacturers and the government. It also covers the market for tradable securities, such as Treasury Bills (shorter-term government-issued IOUs).
'Wholesale' means funds borrowed or lent by those financial institutions in large quantities, rather than the smaller amounts dealt in by private individuals. Money market rates vary between currencies and are determined by the supply of, and demand for, short-term cash. Being market-driven, they paint a truer picture of loan costs than central banks' official interest rates.
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Inflation holds steady at 3.8% ahead of BoE meetingThe rate of inflation did not rise in August, but the Bank of England is still expected to keep interest rates on hold tomorrow
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Thousands of savers with £250k pensions take cash over tax-free money and IHT fearsWith a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth
