The bank wants to cool soaring inflation and Governor Andrew Bailey recently urged workers not to ask for high wages. But yesterday the GMB union called on those who set the rate to keep the fire
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The Bank of England is being urged not to raise interest rates to help families who have been “squeezed” by Cost of living.
Economists are forecasting that the Monetary Policy Committee will raise its rate – which affects what lenders do – from 0.5% to 0.75%.
The bank wants to cool soaring inflation and Governor Andrew Bailey recently urged workers not to ask for high wages.
But the GMB union yesterday called on those who set the exchange rate to stay the same fire.
Secretary General Gary Smith said: “If Andrew Bailey can tell the people who have brought this country through the pandemic that they don’t deserve a raise, he can certainly encourage the bank to keep rates unchanged.
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“People are caught between a rocky and hard place, a cost-of-living crisis, rising energy prices and rising national insurance.
“Today, the Bank of England can do something tangible to help them.”
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It comes after research showed nearly two-thirds of people worry about the rising cost of living.
Lloyds Bank shows spending on fuel has increased by 16% in three months.
https://www.mirror.co.uk/money/bank-england-urged-not-raise-26485963 Bank of England urges no interest rate hike amid cost of living crisis