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Get Ready for Another Interest Rate Rise on 5th May

1st May 2022

The next decision day for the Bank of England is on Thursday 5th May.

Most pundits seem to expect another quarter point increase to 1.0 per cent. An even higher rate is predicted by a few, to 1.25 per cent.

Rather than prolong the agony with more higher rates to come some think it should be more in one go rather than drip feeding increases over coming months making it harder to plan.

Higher interest rates are need to try and curb the growing inflation rates.

This will knock on to higher mortgage costs and credit card and other loan charges.

Comment from Bill Fernie - council candidate for Wick and East Caithness
Employers should be looking hard at wage rates before staff begin looking for higher paid employment and for part-time staff extra hours. The cost of living is spiralling and looks likely to continue upwards as more food price rises are on the way.