Join us live as we explain what Bank of England interest rate decisions mean to you

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Mirror Money experts Sam Barker and Graham Hiscott will go live on the Daily Mirror Facebook page at 1pm on Thursday to discuss how the Bank of England’s latest interest rate decision affects them

Whatever the Bank of England does, some Brits lose (

Image: AFP via Getty Images)

Bank of England Policy rate likely to rise tomorrow – but with huge impact mortgage Loans, savings and more.

This month’s interest rate decision will be tougher than ever – and whatever the bank does, some British families will lose out.

The base rate, also known as the bank rate or interest rate, is a tool used by the Bank of England to regulate the economy.

Bank of England officials meet each month to decide whether interest rates should go up, down or stay the same.

Mirror experts Sam Barker and Graham Hiscott will discuss the Bank of England’s decision live on The Mirror’s Facebook page at 1pm tomorrow June 16.

Your questions have already been sent to Mirror.money. [email protected] . send to

What does an interest rate hike mean? cost of living crisis easy, like rising inflation gonna fall

But it also means homeowners and loan customers are paying more.

Leaving the policy rate at 1% means relief for mortgage customers and borrowers – but inflation remains high.

However, the increase in the base rate is good news for savers who can earn better returns on excess cash.

This week on Cost of Living: We’re Here to Help Facebook, Mirror Money reporter Sam Barker is set to speak to Mirror’s chief executive, Graham Hiscott, and talk to you about what it means to you.

Our team of living expenses experts are here to help you through what is a very difficult year.

They bring you the latest money news and also offer expert advice.

Whether it’s a utility bill, weekly grocery bills or excessive taxes, our team is always there for you.

Every Thursday at 13:00 they participate in a Facebook Live event to answer your questions and offer their advice. To watch, go to facebook.com/dailymirror/live. You can read more about our team of experts here.

If you have any questions – or want to share your story – please email us [email protected]

Why are interest rates changing?

The Bank of England sets the UK interest rate every month.

The base rate is basically a financial “lever” that the bank can pull to control the economy.

Rising interest rates mean that borrowing becomes more expensive, so consumers and businesses save instead – which also leads to a drop in spending and inflation.

Lowering the base rate does the opposite by encouraging everyone to spend rather than save, leading to higher inflation.

The bank can also vote to leave the base rate unchanged and not change it.

It has been doing this independently on behalf of the government since May 1997.

But it’s still run by the government, which sets goals to achieve it.

Mirror experts Sam Barker and Graham Hiscott will discuss the Bank of England’s decision live on The Mirror’s Facebook page at 1pm tomorrow June 16.

Your questions have already been sent to Mirror.money. [email protected] . send to

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