Bank of England urges no interest rate hike amid cost of living crisis

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

Bank of England in London
Bank of England in London

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.







Britons are facing a cost of living crisis
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Image:

Corbis via Getty Images)

“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.”

Ours Cost of living The team of experts is here to help YOU get through a very difficult year.

They will bring you the latest money news stories and also provide expert advice.

Whether it’s rising energy bills, weekly shopping costs or rising taxes, our team is there for you.

Every Thursday at 1 p.m. they’ll join a Facebook Live event to answer your questions and offer their advice. Visit facebook.com/dailymirror/live to watch. You can read more about team of experts here.

If you have questions – or want to share your story – please get in touch by sending an email webnews@mirror.co.uk.

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.

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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

Fry Electronics Team

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