Interest rates may rise by a quarter of a per cent. Don’t panic!

The Bank of England: it’s raising interest rates in what looks like another bonus for the super-rich – and penalty for the rest of us.

Yes, it seems interest rates are set to rise to their highest point in 13 years but for those of us with mortgages and loans to pay, it’s only likely to go up to one per cent.

It’s potentially good news for those of us with savings – and remember that such people are expected to use their savings to smooth over the cost-of-living increases that are being forced on us by Boris Johnson and Rishi Sunak – because it means we’ll have higher interest payments.

That’s if our savings last long enough for any interest to be recorded, of course. Otherwise it’s just another bonus for the super-rich.

The Bank of England is expected to increase its base interest rate to the highest level in 13 years in a bid to tackle inflation.

It is predicted to rise to 1% amid soaring food, energy and fuel prices that saw inflation hit a 30-year high of 7% in March.

Markets expect the bank rate to hit 1.25% later this year, going up to 1.5% by mid-2023.

There’s no explanation in the Sky News report (quoted above) of exactly how increasing interest rates will tackle inflation, so This Writer will believe it when I see it happen.

Source: Bank of England expected to raise interest rate to 13-year high to tackle inflation

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2 thoughts on “Interest rates may rise by a quarter of a per cent. Don’t panic!

  1. Stephen Brophy

    savings and the interest rate is a fallacy! your money will always shrink no matter what rate it is!

  2. El Dee

    It will add to the problems of those with mortgages and those who pay rent (as landlords have mortgages and will put rent up too) It will ONLY benefit those with MASSIVE savings and people with that much aren’t going to have it sat in a bank getting taxed. Interest rates are laughably low and even so for mortgages but, as always, people have spent as much as they possibly can (and have been allowed to do so) so that rises in the interest rate (a rise of a quarter of one per cent TO one per cent is STILL a 25% increase in interest that you pay) rises are going to cripple those who are just on the housing ladder and even those who aren’t. This is going to FUEL inflation. It would be different if the rise was sufficient to cause a rise in investment, it isn’t..

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