Guests Warning Of The Impact Of Interest Rates Rising Causing Financial & Mental Health Crisis | GMB

The Bank of England has raised interest rates from 1.25% to 1.75% in a bid to curb soaring prices and warned the UK will fall into recession this year. It expects the economy to shrink in the final three months…

Guests Warning Of The Impact Of Interest Rates Rising Causing Financial & Mental Health Crisis | GMB

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The Bank of England has raised interest rates from 1.25% to 1.75% in a bid to curb soaring prices and warned the UK will fall into recession this year. It expects the economy to shrink in the final three months of this year and keep shrinking until the end of 2023. This would make it the longest downturn since the 2008 financial crisis. It blamed the slump largely on rising gas prices following Russia’s invasion of Ukraine, warning a typical energy bill will hit £3,500 in October. This would mean an average household paying almost £300 a month on energy bills. The Bank says this sharp rise in energy bills, which are set to be three times more than a year ago, will drive inflation – the rate at which prices rise – to 13%, its highest level for 42 years. We are joined by The Sun Business Editor, Ashley Armstrong, and MoneyBuddies CEO, Saleem Shafi, who warns that the impact on people will also drive a mental health crisis as well as a financial one.

Broadcast on 05/08/22

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