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
Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.
Vox Political needs your help!
If you want to support this site
(but don’t want to give your money to advertisers)
you can make a one-off donation here:
Here are four ways to be sure you’re among the first to know what’s going on.
1) Register with us by clicking on ‘Subscribe’ (in the left margin). You can then receive notifications of every new article that is posted here.
2) Follow VP on Twitter @VoxPolitical
3) Like the Facebook page at https://www.facebook.com/VoxPolitical/
Join the Vox Political Facebook page.
4) You could even make Vox Political your homepage at http://voxpoliticalonline.com
And do share with your family and friends – so they don’t miss out!
If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!
Buy Vox Political books so we can continue
fighting for the facts.
The Livingstone Presumption is now available
in either print or eBook format here:
Health Warning: Government! is now available
in either print or eBook format here:
The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:
savings and the interest rate is a fallacy! your money will always shrink no matter what rate it is!
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..