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Gixy The Bank of England is poised to raise interest rates for the first time since July 2007. Its monetary policy committee MPC will meet to decide on November 2. The MPCs last vote on the issue was a 7-2 majority for maintaining current rates, but its only a matter of time before rates rise. Initially, the rise will likely be from 0.25% to 0.5%. This may not sound like much, but it could have significant implications for the UK economy. Mark Carney, the banks governor, is facing an uncomfortable trade-off, mulling priorities of curbing inflation versus financia yeezy l stability.The reason for the rate ri asics gel se is inflation, which has risen to its highest level since April 2012 3% 鈥?beyond the governments target figure of 2%. This is a result of the Brexit vote in June 2016, which saw a precipitous drop in the pound, making import air force 1 s more expensive and pushing up prices of everyday items. A rise in interest rates should help stem this by boosting the value of the pound. For example, expectations of a rate increase last month prompted a temporary jump in the value of the pound of 1.5%. Plus, the central bank will be hoping that higher interest rates will encourage people to save 鈥?another method of curbing inflation 鈥?although any increases on savers rates will be negligible.But, despite hints of a rise from Carney, the situation is not that simple. The long period of low interest rates has been accompanied by a worrying surge in consumer borrowing. Household debt exceeds 100% of househol Ahpu Voting is taking place in Ireland general election 聽 with the current Taoiseach and Fine Gael leader Leo Varadkar facing a stiff challenge to hang onto power.Polling stations close at ten o ;clock tonight with th stanley cup romania e vote count starting tomorrow.Share on FacebookShareShare on Twi stanley mug tterTweetShare stanley nz on WhatsAppSendShare on WhatsAppSendShare on WhatsAppEmailLoad more share options |
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