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Nearly two-thirds say rising interest rates make them nervous

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Nearly two-thirds say rising interest rates make them nervous


Nearly two-thirds of the public say they are concerned about rising interest rates as the Bank of England considers another hike in borrowing costs.

The bank is expected to announce its biggest rate hike in nearly 30 years at midday on Thursday as the UK faces soaring inflation.

In a poll released by Ipsos on Thursday morning, 64% of people said they were fairly or very concerned about the prospect of interest rates rising – this number rose to 80% among 18- to 34-year-olds.

About 67% said they were worried about the value of their savings, while concerns about energy bills and rising living costs overall hit 75% and 89%, respectively.

Gideon Skinner, head of political research at Ipsos in the UK, said: “We know that concerns about cost of living and inflation are at the top of the public agenda, with rates for that this is an important issue facing the country at a 40-year high in the long-term trend of Ipsos. And this is especially reflected in the concern about energy and utility bills and the value of people’s savings.

“But with the Bank of England announcing that they need to raise rates to help bring down inflation, there is concern about the impact of higher interest rates – which suggests exploring additional solutions to help reduce inflation. those who are in financial difficulty will be very high. the public’s wish list for the new prime minister’s government. “

(Graphics PA) (Graphics PA)

Interest rates rose from 0.1% in December to 1.25% in June as the Bank of England tried to contain inflation, but are now expected to rise further to 1.75%.

The Ipsos survey, which asked 1,750 UK adults about their economic concerns on Tuesday and Wednesday, also found a quarter had had to save to cope with the cost of living crisis in the past six months while nearly one-fifth their household income has decreased.

About 14% said they had increased outstanding amounts on their credit cards while 10% said they had slowed down paying their bills.

The poll also found higher levels of economic anxiety among young people.

While 45% of the general public said they were worried about paying rent or paying off their mortgage, that number was 59% among 18- to 44-year-olds but just 22% among 55- to 75-year-olds. .

Similarly, 58% of 18-44 year olds said they have faced some financial hardship in the past six months, compared with 38% of 55-75.

“This study also shows that while concerns about cost of living, bills and savings are shared across all age groups, worries about housing costs (and rising house prices) is especially acute for young people, who are already more likely to say they have experienced a series of financial difficulties since the start of the year. “

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