FINANCE: How to survive the 5.4% raise by Bank of England ...
Anxiety and panic was generated by the shock news from England's Bnaca of about 5.4% increase in the spring to counteract inflation due to the post-pandemic financial collapse and more ... LONDON - Clear Score offers some useful advice to best stem this worrying financial tsunami that will see many families struggling in the incoming future. In February 2022, the Bank of England raised interest rates from 0.25% to 0.5% and this was the second time interest rates went up in less than three months How does inflation affect interest rates? So, at over 5.4%, inflation (how much things go up in price) is the highest it’s been for 30 years. The Bank of England uses interest rates to control inflation – usually, the higher the rate of inflation, the lower you can expect interest rates to be. So even though milk and bread might feel expensive, it might be cheaper to borrow money on a credit card. However, interest rates have been at an all-time low during the pandemic, which...