DEMSA update: Economy / Cost-of-Living / Vulnerability / SFS / Scam awareness / FinTech / Awards / Events

General update

Whilst the Bank of England delayed the inevitable announcement of interest rates rising again, the key question was by how much – 0.5% or 0.75%? It went up by 0.5% to 2.25% on 21 September 2022. Inflation is now quoted at 9.9% on the bank’s website. 5 members voted to raise Bank Rate by 0.5%, 3 members preferred to increase the rate by 0.75% and one member preferred to increase by 0.25%. The bank also confirmed that we are also effectively in a recession. The next bank rate review is 3 November 2022.  




The new Chancellor, Kwasi Kwarteng, announced a number of measures to assist UK consumers and businesses in the mini-budget. As ever, the timing and genuine impact of the changes need to be assessed in detail at a...

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