Bank Of England Will Announce Interest Rate Rise At Noon On Thursday 22 September

21st September 2022

The Bank of England delayed the announcement about the interest rate rise from last week due to the royal funeral.

The announcement will be made on Thursday at Noon.

The rate rise is expected to be either 0.5 or.75 percent.

Inflation has barely come down and due to that rates ae expected to rise again before the end of this year with more to come in 2023.

Home owners with fixed rate deals will not see an increase but 2 million people have deals that end in the next two years.

Although the rates are higher than in recent years they are still a lot lower than in the past. That will be little comfort to younger borrowers who have never experienced such rises and who may have levels of borrowing higher than their parents ever had.

Credit cards and loans will see the increase applied soon after. Borrowing of all kinds will become even more expensive.

Combined with fast rising living costs and energy bills recession is likely to speed up.