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General updateDuty live – FCA messaging to consumersGovernment response on personal insolvency reformDuty trainingEvents

General update

No interest rate cut until 'solid evidence' price rises slowing – Bank of England

The Bank raised interest rates to a 15-year high of 5.25% from 5% on Thursday, the 14th rate increase in a row. Inflation, which is the rate at which prices rise, is currently four times higher than the Bank's target at 7.9%. Twelve-month CPI inflation fell from 8.7% in May to 7.9% in June 2023.

At its meeting ending on 2 August 2023, the MPC voted by a majority of 6–3 to increase Bank Rate by 0.25%. Two members preferred to increase Bank Rate by 0.5%, to 5.5%, and one member preferred to maintain Bank Rate at 5%.

Richard Lane, Director of External Affairs at StepChange Debt Charity, said:

“Earlier this week the FCA’s new Consumer Duty came into effect, and part of this sets out what is required of firms for supporting customers e...

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