Financial Difficulties - Interest rates unlikely to be cut

Base rate to remain unchanged causing financial difficulties for many It looks as thought the base rate of interest will not be cut tomorrow (January 10th), potentially plunging more people into financial difficulties.

New research shows that the majority of financial analysts do not expect the Bank of England's Monetary Policy Committee (MPC) to announce a cut.

A reduction in rates would be welcomed by anyone in financial difficulties but HSBC said that it looks unlikely.

Financial Difficulty | Sell and Rent Back your home

"We are not going for a rate hike," read a statement from the firm.

"The main reasons; just in terms of the inflationary outlook, we have seen the utility hikes in the last month and also the recent movements in sterling will be a inflationary concern.

"The risks have not been coming from one direction in terms of the inflation side of things," it continued.

Many people are struggling with high mortgage payments because their rates were not reduced despite a cut to the base rate in December. ADNFCR-1046-ID-18420514-ADNFCR

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