Interest rates: ‘Affordable credit will remain out of reach for millions’
The Bank of England are widely expected to cut interest rates when the MPC meets tomorrow.
While that will have immediate impacts like lowering savings rates and potentially changing the mortgage market, it won’t have a huge underlying effect on what people are actually paying out day-to-day, says Tamsin Powell, consumer finance expert at Creditspring.
More needs to be done to ensure those who need immediate financial help can access it, Ms Powell adds – as well as improving money literacy in the first place.
“Whether or not the Bank of England cuts rates this week, the reality for many households won’t change overnight. People are still facing high living costs and stretched budgets – and any small shift in the base rate is unlikely to bring immediate relief.
“We know that borrowing has become more…
