There will be winners and losers
Interest rates have risen to 2.25%, the highest level in 14 years. The Bank of England made the announcement on Thursday, September 2022 and it was news that many financial experts were expecting.
The idea is that by raising interest rates, households will spend less and this should mean inflation will drop. However, what does all this mean to households? With the help of the Mirror, here's how the rate rise could impact Nottingham city and county residents and their finances. He added: “The latest interest rate hike is being closely followed by a new, higher energy price cap, further compounding pressure just as we head into the cold winter months. People’s finances are being squeezed more than ever.“
Alex Brown, financial adviser at Succession Wealth, said: "If you have a good credit rating and have outstanding credit card debt, it may be appropriate to consider looking to move your debt to a cheaper rate or to a 0% deal." What the rate rise means for your savings The upside to interest rates going up is that savings rates should - in theory - also increase. Banks should pass on the interest rate rise - but there is no guarantee they will, and some take time to introduce new rates.
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