Martin Lewis has given his reaction after the Bank of England have raised interest rates for the 13th consecutive time. After a meeting with members of the Monetary Policy Committee today , there was a majority vote of 7-2 to increase the base rate to 5 percent after a 0.5 percent increase.
Just days ago, the Money Saving Expert founder issued a warning that the mortgage ticking time bomb is now 'exploding'. Martin made an appearance on Good Morning Britain on Tuesday to speak to hosts Susanna Reid and Richard Madeley about the impact of rising interest rates on homeowners.
But after the Bank of England's announcement today, Martin gave a rather bleak response to the current situation. "Clearly we must tackle inflation, but this one trick method is causing huge pain to many on variable and coming off fixed rate mortgages. We need to at least ensure the gain is passed on to savers."
Source: Loan Digest (loandigest.net)
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