Interest rate rise will affect YOU. Read this to understand how
The bank of England has just imposed the biggest interest rate rise in a generation – increasing the base rate to three per cent.
There’s no reason for it. The inflation we’re facing isn’t caused by any reasons that an interest rate rise can combat – and energy prices are falling back to normal levels. The hike in interest rates will not affect the cost-of-living crisis in any way.
Instead, it will prolong the recession that the Bank of England has already said will be the worst in many years – if not the worst ever:
Coordinated interest rate rises of the type we are now seeing central bankers deliver have only one goal. That is to drive down consumer spending whilst supposedly increasing the return to financial capital in the world.
— Richard Murphy (@RichardJMurphy) October 28, 2022
In that case the only consequence of interest rate increases (which take up to two years to reduce prices, so poor a tool are they) will be to crush the economy long after inflation will have already gone. But the central bankers are still imposing the rate rises, anyway.
— Richard Murphy (@RichardJMurphy) October 28, 2022
And this will affect you – as Martin Lewis explained on Good Morning Britain:
Buckle up, buttercup! It’s going to be a long, hard winter – because the bankers (who, by the way, have had their ability to give themselves unlimited bonuses restored by the Tories) want you to suffer.
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