The Bank of England today voted to raise interest rates to their highest level since 2008. The nine members of the Monetary Policy Committee (MPC) voted eight to one in favour of a rise to 1.75%. The rising cost of living will be affecting 2.5 million households, seeing people use their savings to afford to live. This means that by 2024, one in five UK households will have no savings. The institute also says the number of households living pay cheque to pay cheque will nearly double from 3.9 million to 6.8 million – or 25% – in 2024.

Source: The Star August 04, 2022 20:20 UTC