Cost of living crisis: Bank of England expected to unveil biggest interest rate rise since the 1980s later today
'Black hole' in finances explainedThis afternoon, Labour's shadow chancellor will warn that the latest interest rate rise will have a huge impact on consumers and companies alike.
Speaking at the Anthropy conference in Cornwall, Rachel Reeves will say:"Rising interest rates will mean families with already stretched budgets will be hit by higher mortgage payments. It will mean higher financing costs for businesses. "For many firms who have had a tough couple of years, this will mean desperately difficult decisions about whether to carry on.
"And it will mean profound implications for growth as demand is sucked out of the economy - and even those firms that are keeping their head above water face difficult decisions about whether to invest or expand." Yesterday, a new poll carried about by Ipsos for Sky News revealed that more than a quarter of people have started using their credit cards to buy food - and a fifth have borrowed money to adjust to rising prices this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Primark's Bank Buildings opens after restorationShoppers queued for hours to be the first to see Primark's new store at the Bank Buildings in Belfast. It was almost destroyed in a fire four years ago. Read more:
Read more »
Primark's Bank Buildings to open after restoration.Primark is set to reopen its shop at the historic Bank Buildings in Belfast after major fire in 2018
Read more »
Popular pub to serve chippy menu that 'won't break the bank'A Nottingham pub has launched a new chippy tea menu
Read more »
Bank Of England Set For Biggest Interest Rates Hike In 33 Years. Here's What It Means For YouAll you need to know as the Bank of England is poised to unveil the biggest hike in interest rates in 33 years.
Read more »
Cost of living: The homebuyers anxious about their mortgagesThree people from Derby tell BBC News how they will be affected by the Bank of England base rate hike.
Read more »
US interest rates rise sharply to highest since 2008 as inflation battle ragesUS ramps up interest rates as pressure mounts on Bank of England ahead of meeting to decide UK borrowing costs
Read more »