{"id":52797,"date":"2023-05-12T14:34:29","date_gmt":"2023-05-12T13:34:29","guid":{"rendered":"https:\/\/www.shefnews.co.uk\/?p=52797"},"modified":"2023-05-12T14:34:29","modified_gmt":"2023-05-12T13:34:29","slug":"what-does-the-interest-rates-increase-mean","status":"publish","type":"post","link":"https:\/\/shefnews.co.uk\/index.php\/2023\/05\/12\/what-does-the-interest-rates-increase-mean\/","title":{"rendered":"What does the interest rates increase mean?"},"content":{"rendered":"\n

The Bank of England voted to increase its base interest rates for the 12th<\/sup> consecutive period yesterday.<\/p>\n\n\n\n

The 0.25% rise sees interest rates hit 4.5%, causing worries for anyone looking to loan money.<\/p>\n\n\n\n

ShefNews spoke with Courtney Wilson, Financial Journalist at International Tax Review, and she broke down what the increase really means.<\/p>\n\n\n\n

What does an increase in interest rates mean?<\/strong><\/p>\n\n\n\n

\u201cWell, it\u2019s decided by the bank of England. It makes borrowing more expensive, and it aims to tackle inflation. The idea is people will spend less and save more, and whilst it benefits banks, if I had a mortgage I\u2019d be in trouble.<\/p>\n\n\n\n

\u201cIt\u2019s virtually impossible to get onto the property ladder, and even though it\u2019s great for banks, insurance companies, and broker firms, lower-income families will struggle to find money to afford houses or flats.\u201d<\/p>\n\n\n\n

Couldn\u2019t encouraging people to spend less be bad for the economy?<\/strong><\/p>\n\n\n\n

\u201cThat\u2019s the argument, loads of people disagree, if the model worked it would\u2019ve worked for all the big crashes.\u201d<\/p>\n\n\n\n

Do you think it will work?<\/strong><\/p>\n\n\n\n

\u201cIt\u2019s very hard to say, I\u2019m a pessimist, and I think if it does work, it wont work for a while. I think we\u2019re going to experience a big crash, and then something will have to be done.<\/p>\n\n\n\n

\u201cDuring COVID-19 the UK took lots of support, and we do have an obligation to pay that back, there was the furlough scheme, and perhaps that\u2019s why we\u2019re in a financial deficit.<\/p>\n\n\n\n

\u201cBut when it comes to if it will work, the best answer I can give is \u2018How long is a piece of string?\u2019 I think it depends on our leadership which I don\u2019t have much faith in.\u201d<\/p>\n\n\n\n

The current Interest rates are the highest they\u2019ve been since the housing market crash in 2008, and whilst there\u2019s no certainty when they will start to come back down there\u2019s one thing that\u2019s certain, it won\u2019t be anytime soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Finance can be overwhelming, but what does the interest rates increase mean?<\/p>\n","protected":false},"author":104,"featured_media":52798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[21,55],"tags":[1107,1108],"class_list":["post-52797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-top-story-3","tag-bank","tag-finance"],"yoast_head":"\nWhat does the interest rates increase mean? - ShefNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shefnews.co.uk\/index.php\/2023\/05\/12\/what-does-the-interest-rates-increase-mean\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What does the interest rates increase mean? 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