BusinessCompany NewsSixth rate rise due by Autumn

Sixth rate rise due by Autumn

Bank governor signals more bad news ahead

A further interest rate rise should be expected as early as the Autumn
despite borrowers being crippled by five increases in the last 12 months.

Bank
governor Mervyn King
warned of the precarious state of family finances as
personal debt reached £1.3tn.

Despite this his hand is likely to be forced by rising oil and food prices
pose that pose an inflationary threat.

The
Bank’s Monetary Policy Committee
has to set interest rate policy to ensure
inflation is in line with the government’s target of 2% – the Consumer Prices
Index measure of inflation hit 3.1% in March, its highest figure for a decade.

Further reading:

Interest rates only ‘paused’

IVA figures drop but bankruptcies leap

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