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Joined: Aug 2004
Posts: 22,315
Wiki Master
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OP
Wiki Master
Joined: Aug 2004
Posts: 22,315 |
The Bank of England has raised UK interest rates to 5.25% from 5% in an effort to curb inflation.
Analysts had been anticipating a rate rise in the near future, although they expected policymakers to wait until next month to take action.
Consumer price inflation has recently risen to 2.7%, the highest level in more than a decade. Hmmm I am not sure why everyone is so shocked at this news, the Bank Of England have been holidng ff from increasing interest rates for some time but everyone knew they culdnt keep on doing this. If people dont like interest rate rises, they should stop bldy spending on credit cards and getting fancy cars on credit and getting stupidly high mortgages beyond their means. Its the only way to curb inflation, without interest rate rise im afraid! Were all gonna pay for our bad spending habits now! BBC News Report
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Joined: Nov 2004
Posts: 7,238
Wiki Addict
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Wiki Addict
Joined: Nov 2004
Posts: 7,238 |
im unsure of how this affects credit cards?
my credit card intrest rate is something daft like 17% at least, has that gone up now?
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Joined: Aug 2004
Posts: 22,315
Wiki Master
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OP
Wiki Master
Joined: Aug 2004
Posts: 22,315 |
Yes it will affect credit card, although you won't notice so much as higher credit things like mortgages and loans etc... But if you have savings it should increase the interest rates on them too, so you could end up winning if your a saver rather then a spender... (provided the banks increase the interest rate for savings, we all know what their like). 
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Joined: Aug 2004
Posts: 22,315
Wiki Master
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OP
Wiki Master
Joined: Aug 2004
Posts: 22,315 |
Inflation Increase Leads To Further Expected Interest Rate RisesUK inflation jumped to an 11-year high of 3% in December, raising the prospect of more interest rate increases.
Official figures showed that higher fuel costs helped to push the Consumer Prices Index up from 2.7% in November.
An increase had been expected following last week's shock rise in UK interest rates to 5.25%, but the rise was larger than analysts had forecast. We are getting ever nearer to an economy crash, somthing I have been saying is going to happen soon for the past few years. Until people stop spending and getting credit far beyond their means, the situation will only continue to get worse and will eventually end up in an economy crash. I am soooooooooo glad I don't have a mortgage or anything major on credit right now!! BBC News Report
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Joined: Nov 2004
Posts: 7,238
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Wiki Addict
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Posts: 7,238 |
wont all this be offset thbo by peoples wages increasing by a vvery similar if not same percentage?
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Joined: Aug 2004
Posts: 22,315
Wiki Master
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OP
Wiki Master
Joined: Aug 2004
Posts: 22,315 |
If interest rates rise again then an increase in wage inflation won't have too much effect. Also, problems and cracks start to appear when the rate of national inflation starts to outrun the average rate of wage inflation... The reason interest rates rise is to try and prevent the rate of inflation, which means higher costs to consumers spending on credit.
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