There are those times in life when we seem to do a great deal of work for very little reward.
What the interest rate hike means for you and your wallet
22.09.2022 - 16:41 / manchestereveningnews.co.uk
The Bank of England has made the decision to raise interest rates by 0.5 per cent today - bringing rates to their highest level since 2008.
It means the bank's base rate is now set at 2.25 per cent - up from 1.75 per cent. The bank hopes that raising interest rates will help curb rising inflation, which currently stands at 9.9 per cent but is soon expected to rise even further.
The Bank’s Monetary Policy Committee (MPC) came to the decision after five members of the nine-strong board voted for the 0.5 percentage point increase, including Governor of the Bank Andrew Bailey. Three members – Jonathan Haskel, Catherine Mann and Dave Ramsden – voted in favour of a 0.75 percentage point rise, while one member – Swati Dhingra – called for a 0.25 percentage point increase.
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According to the Bank of England, higher interest rates make it more expensive for people to borrow money, potentially encouraging them to save more. Overall, the goal is to make consumers spend less on goods and services, in turn, raising the price of those things and bringing a lower rate of inflation.
“Expectations of future inflation are still not where the Bank of England would like them to be,” said the Institute of Directors' chief economist Kitty Ussher. “Many of our members think that the peak will come next year, and so may price accordingly, running the risk that inflationary expectations become self-fulfilling.
“Combined with imminent announcements of a government stimulus package, plus some remaining – albeit smaller – upward pressure on CPI from household energy prices next month, the Bank of England has made the judgment that interest rates need to
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