- August 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Bank of England Increases Bank Rate to 5.25%**
At its meeting ending on 2 August 2023, the Monetary Policy Committee (MPC) made a decision to raise the Bank Rate by 0.25 percentage points, bringing it to 5.25%. This move was voted in favor by a majority of 6ÔÇô3. Additionally, two members of the committee proposed a higher increase of 0.5 percentage points, setting the Bank Rate at 5.5%, while one member advocated for maintaining the rate at 5%.
The decision to raise the Bank Rate can have significant implications for individuals and their finances. If you anticipate that this increase might present financial difficulties for you, you can refer to a helpful Mod post that addresses the cost of living crisis and provides useful information on how to cope with potential challenges.
**How AI Legalese Decoder Can Help**
In situations where individuals are facing financial hardships due to base rate hikes, leveraging the AI Legalese Decoder can prove highly beneficial. This advanced tool serves as a valuable resource for decoding complex legal documents, including financial agreements, contracts, and policies. By using the AI Legalese Decoder, individuals can gain a better understanding of the terms and conditions associated with their mortgages, loans, and other financial commitments, enabling them to make informed decisions.
**Further Information on the Impact of Interest Rate Hikes:**
Those seeking more information on the effects of interest rate hikes can refer to the following sources:
– The BBC provides comprehensive insights into how interest rate increases can impact individuals and their finances. This resource offers valuable explanations and guidance on managing monetary changes effectively.
– Money Saving Expert (MSE) addresses the question of whether individuals should overpay their mortgages in response to interest rate hikes. This source offers practical advice and considerations regarding mortgage payments in light of changing interest rates.
– Citizens Advice provides guidance on debt and money management. This resource is especially useful for individuals who may be concerned about how interest rate hikes could affect their debt obligations and overall financial well-being.
*PSA: A Friendly Reminder Regarding Rule 8 – No Politics*
Please be mindful of Rule 8 on this subreddit, which prohibits discussions related to politics. Let’s keep the focus on personal finance matters and support each other in navigating the impact of the Bank Rate increase.
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****** just grabbed a
Lets see how quickly this gets passed on to savers.
Feels like it’s our new monthly rendez-vous. Tune in next month same time to get the anticipated next .25 or maybe .5 one!
It’s interesting, because last month was more of a united front compared to this one.
6-3, realistically it’s 8-1 as 2 of the 3 wanted to raise rates higher than 0.25%
Still more hikes to come this year.
Chip guy, where are you???
Market forecast for peak rate is now 5.67% (vs 6.5% in July)
Given most consumer stuff is priced on the forecast people won’t really notice this increase
Ha, and I thought I had a decent deal when I signed up for a tracker mortgage at 0.25% above base ƒÿé at the time they said it might hit a high of 5% and we’re already above that.
Most banks have been pricing this in for weeks now.
Looks like shopping at Aldi for the foreseeable future continues…made the switch last month from Sainsbury’s and couldn’t believe the impact on the wallet.
Someone will say ÔÇ£which idiot voted to keep the bank rate at 5%ÔÇØ and the reality is itÔÇÖs good to have a diverse range of views and to go with the majority. The outcome is almost always what the financial markets predict anyway regardless of 1-2 votes being outside the norm.
On one hand I’m criticising the BofE for this ineffective measure.
On the other I’m watching my neighbour, who rents a house that’s not got enough rooms for her family, lease a brand new high-end BMW.
Soooo… we go higher?
RIP me
What on earth do they think they are going to achieve with this? How will this reduce spending when the expensive things people are splashing out are the bare essentials?
Does anyone know of a thread or external forum where people discuss saving interest rates & accounts since they blocked them on here. TIA
Piggybacking on this to ask a question of anyone knowledgeable enough, as I understand it the raising of interest rates is designed to take money out of the economy by one of two ways – taking money away from people who pay mortgages or other loans and encouraging people with money to save instead of spend.
I recently learned (possibly on this sub) that American mortgages are fixed rate throughout the life of the mortgage, so how do they deal with inflation?
When Rates are low
Stocks will grow
When rates are high
Stocks will die
I really feel for people in 18 months time, I got fixed for 7 years at 4% in 2021 which was a rip off at the time but my circumstances made it so, sorta feels like they’re trapped in here with me now.
I started with a shoddy rate and at this rate my payments are going up 40% at the end of my term… what is someone supposed to do when they maxed themselves out at 2%? Yikes.
What do they say about the definition of insanity?
Boiling the frog continues…
Someone help me out understanding this. I’m not an economist.
As far as I see it most of the inflation is factors not related to domestic demand. Such as, food and energy prices increasing due to the war, or everything increasing due to the devaluation of Sterling due to Brexit and oil being traded globally in USD.
So, interest rate rises are to take heat out of a booming economy and the resultant inflation to try and avoid an economic shock. Whereas, here we are, with the economy weak, attempting to tackle inflation caused by other factors.
I know I must be missing something.
Can someone explain the forecast assumptions to me in that unemployment is forecast to go way higher than previously forecast but we’ll now avoid recession. Seems counter intuitive
For what BOE want to achieve, how immediate is the impact of these rate raises? For example, I have a mortgage due in 2025 so these rates haven’t really affected my spending.
Unpopular but needs to be done.
You having less money and being more encouraged to not spend and instead save is precisely the point.
If interest rate increases take 12-18 months to actually impact the economy, how does the bank of England rationalise increasing rates again before the impacts of the previous increases have had an effect?
MORE
MORERRE!
This is insane.
Yes, they have a goal of inflation to 2% but at what cost? It will be a very high one indeed.
I really don’t understand why they’re not taking a breather as well, why not pause and let the highest rates we’ve had in decades actually have an impact rather than increasing at every meeting?
I fear they’re overcorrecting and it’s going to have a very real impact on families up and down the country. Trying to wean the country off cheap debt over the course of a single year surely cannot be the correct path for the economy.
It’s not just mortgages, a lot of larger businesses with thousands of employees have based their business model on cheap debt. When they can no longer service their debt that’s either redundancy territory or outright businesses going bust, putting more pressure on the exchequer via job seekers allowance.
Utterly insane and out of touch by the MPC.
This could easily go to 7%
The big high Street banks will still be taking the mick with their low easy access rates!
Will this get passed to savers? When pigs fly!
This is becoming increasingly silly now. The fact that rate increases have done absolutely nothing to curb inflation should be seen as evidence that poor people overspending is not the cause of the crisis.
Shame neither government nor opposition is ideologically inclined to do anything about it.