Credit, Collections & Insolvency News
Analysis of Bank of England data by Mazars shows UK households are currently paying £18.3 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by an interest rate rise. Thi includes floating-rate mortgages, credit card debt and other unsecured personal lending. Consumers will be hit by further rises…
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The Bank of England Monetary Policy Committee has raised rates to 1%, the highest in 13 years. The Bank also warned that the cost of living crisis could push the economy into recession this year. The Bank’s Monetary Policy Committee (MPC) voted to raise the base rate from 0.75% to 1%. Three of the nine-strong…
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The Bank of England (BoE) has raised interest rates from 0.5% to 0.75% as it looks to tackle soaring inflation, which has hit a three-decade high of 5.5% and is set to climb higher still. The rate increase, the third in four months, takes rates to the highest level since March 2020. The Bank has…
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