The fifth interest rate cut since last year is beneficial for lowering mortgage and loan costs for families and businesses. Chancellor Rachel Reeves highlighted that stability in public finances through the Plan for Change has led to the UK being the fastest growing economy in the G7. Investment in infrastructure and major trade deals aims to sustain long-term growth. However, a finance charity pointed out that due to surging food prices and rising unemployment, many struggling households may not benefit significantly from this interest rate cut despite its advantages for some.
Chancellor Rachel Reeves stated that the fifth interest rate cut since last year's election is welcome news, assisting in lowering costs for mortgages and loans.
Reeves emphasized that the stability brought to public finances through the Plan for Change has positioned the UK as the fastest growing economy in the G7.
Steve Vaid, CEO at Money Advice Trust, noted that while the cut to interest rates benefits certain individuals, food inflation continues to negatively affect many households.
Vaid also advised that despite the challenges posed by inflation and rising unemployment, financial help is available through contacting debt charities or lenders for support.
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