Martin Lewis' bleak reaction as Bank of England raises interest rates to 15 year high
Martin Lewis has given his reaction after the Bank of England have raised interest rates for the 13th consecutive time. After a meeting with members of the Monetary Policy Committee today , there was a majority vote of 7-2 to increase the base rate to 5 percent after a 0.5 percent increase.
Just days ago, the Money Saving Expert founder issued a warning that the mortgage ticking time bomb is now 'exploding'. Martin made an appearance on Good Morning Britain on Tuesday to speak to hosts Susanna Reid and Richard Madeley about the impact of rising interest rates on homeowners.
But after the Bank of England's announcement today, Martin gave a rather bleak response to the current situation. "Clearly we must tackle inflation, but this one trick method is causing huge pain to many on variable and coming off fixed rate mortgages. We need to at least ensure the gain is passed on to savers."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis warns holidaymakers on what debit cards NOT to use when abroadHolidaymakers could accidentally spend more money than they need if they don't pay attention to which cards they use abroad
Read more »
Martin Lewis warns mortgage ‘ticking time bomb’ exploding with no help on wayThe consumer champion is keen to see ‘soft or hard political pressure’ put on banks to make things better for mortgage holders.
Read more »
Martin Lewis issues new passport warning to people going on holiday this summerThe consumer champion shared two key checks that will tell if your passport is valid for travel.
Read more »
Martin Lewis' urgent warning over button you should NEVER press when abroadMartin Lewis has issued an urgent warning to holidaymakers over a button you should never press when abroad. The personal finance expert explained how using the seemingly harmless function on a cas…
Read more »
Martin Lewis and Jeremy Hunt hold 'urgent' meeting over mortgage warningsConsumer champion Martin Lewis met with chancellor Jeremy Hunt after his stark warnings over a ‘mortgage ticking time bomb’.
Read more »
Martin Lewis urges people to claim energy bill discount before end of this monthMartin Lewis is urging people to help spread the word about unredeemed energy vouchers for £66 or £67 that were issued between October 2022 and March 2023
Read more »