Interest rates remain unchanged | Debt Advice Foundation

Interest rates remain unchanged

The Bank of England Monetary Policy Committee has voted to keep interest rates at 0.5% for the time being.

Fuelling speculation that an interest rate rise isn't too far away, the committee vote wasn't unanimous for the first time in months.

The debt advice sector has been bracing itself for an increase in rates following research from the Bank of England warning that hundreds of thouands of households could see their disposable incomes wiped out if higher interest rates increase debt servicing costs faster than wages can rise.

The Bank of England Monetary Policy Committee has voted to keep interest rates at 0.5% for the time being.

Fuelling speculation that an interest rate rise isn't too far away, the committee vote wasn't unanimous for the first time in months.

The debt advice sector has been bracing itself for an increase in rates following research from the Bank of England warning that hundreds of thouands of households could see their disposable incomes wiped out if higher interest rates increase debt servicing costs faster than wages can rise.

Responding the vote, David Rodger, CEO of Debt Advice Foundation commented "Whilst we of course welcome the restraint shown by the Monetary Policy Committee, we realise that rates will rise in the not too distant future.  Although our sector hasn't had to deal with such a pervasive expenditure-shock phenomenon on this scale before, I'm confident that we are prepared to cope with the additional demand that will be placed on our service."

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