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The Bank of England announcements this week that interest rates have risen by 0.5% to 1.75%, inflation will hit more than 13% later this year and we are heading for recession in Q4 has dominated UK news. It is difficult to know whether consumers are able to digest the procession of bad news if they are financial struggling. Certainly, the headlines below don’t make great reading. At its meeting ending on 3 August 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.5%. One member preferred to increase Bank Rate by 0.25%. The Bank and its governor look like they will get drawn into a political debate with the current process to select a new prime minister.

Link: https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/august-2022

Rising energy bills - words of caution before hasty action

I have picked up on a Sara Williams, Debt Camel, post around a campaign that has been gathering momentum around consumer cancelling their energy direct debit...

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