The Bank of England is expected to raise interest rates to 1% today to help tackle inflation.
With inflation at its highest for several decades, it’s believed a decision to raise interest rates to 1% will be announced later today.
However, the news is likely to be a concern for many households across the United Kingdom, with higher mortgage payments and loan repayments for millions.
It could be good news for savers, but it may take some times for banks to pass on the increase in interest rates. The cost of living crisis is really hitting hard across the United Kingdom, but the situation in Herefordshire is getting worse by the week, with a combination of low wages, inflation and high fuel costs meaning that the disposable income that many households have is shrinking month by month.
For example, Your Herefordshire covered the news yesterday that Herefordshire has been ranked as the second most expensive place in England to refuel your car.
