May 05, 2022
2 mins read
The Bank of England is expected to raise interest rates to curb inflation, but will be another hit to our finances. Inflation is still rising under the economically illiterate Tories, still on course to hit 9% by the end of the year, as the cost of everything we buy, from food to fuel, goods and services goes up in comparison to our incomes, meaning we can afford to buy less and less. It’s at 7% now, it was at a 30 year high when it hit 6.2% back in February, so they really are determined to break all records on what amounts to this scale of unaffordability they’re presiding over. They’ve spent so many years attacking Labour for nearly bankrupting the country, blaming them for the global financial crash of 2008, yet 2008 is an economic poodle right now compared to this rottweiler of a stuff up they’ve created all on their own. In response to rising inflation, the Bank of England is set to increase interest rates again to curb it, to get more money out of us somehow and back into the system. We’ve no money to spend, but they’re coming after us for more anyway. If we can’t afford to eat or be warm, what do you think this’ll do? It’ll be repossessions and evictions and be harder than ever to get finance. The cost of borrowing will go up again, mortgages, unless they’re fixed will go up, if that’s on a rental property the tenant can expect to be hit with a rent rise to compensate, pensions will be worth less, people will be less inclined to invest in the UK and if interest rates go up as expected to 1%, then that’ll be the highest its been since 2009, when it had to be raised to cope with that global financial crash. There has been no crash this time, this is entirely of the Tories own doing. At a time when we’re already struggling to make ends meet, this is awful news unless you’re a saver, but who the hell can save anymore? The Tories will claim this is to help the cost of living crisis, but its actually the complete opposite. It will not help ordinary people, it is our spending that keeps the economy moving, creates jobs, supports businesses etc and as they preside over a decline in our ability to do so, the economy naturally, is tanking. They need to put money in people’s pockets now, not try and squeeze us even harder, but they’re more concerned with their internal scandals to care. Their reputation as most trusted party on the economy is utterly unfounded and we’re paying a heavy price for this misconception. Remember this as you go to the polls today.