The Bank of England yesterday maintained bank interest rates for March at 0.5%.
While the decision to hold interest rates was widely expected to be kept at this level, in particularly in light of the forthcoming budget and General Election, many analysts believe that the future will put a considerable strain on British household income.
Ben Thompson, Director, Mortgages at Legal & General believes that political forces will significantly influence the overall economic picture this year, explaining that tax hikes were ‘inevitable’ to tackle the gargantuan Government debt.
“This will hit the pockets of British families, tempering their spending,” he said.
Cash Strain for Families in Need of Money
The coming months are likely to put an increasing strain on pay packets, with more and more Brits looking to access cash till pay day to be for additional bills, overdraft charges or emergency items such as household maintenance or vet’s bills.
Pay day loans are quick easy cash loans that could meet your financial needs. You do not need to fax anything to apply and you can usually get the money paid direct into your bank account within 24 hours.