Stacy Summary: Of course low interest rates aren’t helping households, for they were designed to help funnel household wealth into the pockets of the banking elite. And I suppose this is why people snapping in the streets of London. We’ll find out soon as Max and I make our way there. I guess we’ll have to do some sort of meet up there!? Anyone interested?
- Low interest rates failing to rescue British households from £1.45 trillion debts says Bank of England
Stacy – mostly because any savings on lower mortgage rates is being eaten up by credit card rates rising:
The research contradicts comments made by Lord Young, the Tory peer who resigned as an adviser to David Cameron after saying “the vast majority of people in the country today have never had it so good” since the Bank slashed rates to 0.5pc.
Despite record low interest rates, half of respondents reported a fall in monthly disposable income after tax, mortgage, rent, bills and other loan payments. Nearly a third, 29pc, said their debt concerns had risen over the past two years, compared with just 12pc who are now less worried.