Home Business NewsBusiness Bank of England lifts interest rates to 0.75%

Bank of England lifts interest rates to 0.75%

by LLB Reporter
17th Mar 22 12:11 pm

The Bank of England has lifted UK interest rates to 0.75%.

That’s an increase from 0.5%, as it tries to cool inflation with prices rising at the fastest rate in around 30 years.

Shachar Bialick, CEO and founder of Curve, a financial super-app, comments on the latest BOE interest rate announcement: “A third consecutive rate hike since December puts consumers in a challenging position. People are already feeling the effects of record inflation levels and a heightened cost of living, and it will take some time for the benefits of increased interest rates to begin the domino effect and calm inflation.

“Worryingly, the current inflationary spike is mostly driven by global supply constraints and price pressures, so higher rates will do little to curb further price rises. People will receive a greater return on their savings but could see rates on any loans or mortgages increase.

“What’s vital is for people to feel empowered and in control of their money. Being able to have a full view of your budgets and spending, across multiple accounts, will go a long way in empowering people to feel financially confident.”

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