Today U.K Interest rates increased a further 0.25% to 5.75% Arrrrrgh!!!
Worst to come many economists say U.K Interest rates could increase further to 6% before christmas, inflation here in the U.K is above target and the bank of england need to bring it under control.
Why is inflation high?
Because people are spending money they don't have. The BoE puts interest rates up to curb consumer spending and increase the pounds value.
What does this rise mean?
If your mortgage is £100,000 the latest rate rise meas your gonna be an extra £16 a month worse off thats £194 a year.
Not to worry stubsy's here with some ways to cut your expenditure.
The first thing you could look at is your mortgage.
