06/08/2018

    Commenting on today’s decision by the Bank of England’s Monetary Policy Committee to raise interest rates by a quarter of a percentage point, StepChange Debt Charity urges policymakers to keep a close eye on the impact of higher rates on debt servicing costs, as even small changes can tip financially precarious households into difficulty. Latest data from the Financial Conduct Authority (FCA) shows that 34% of total outstanding mortgage debt (by value) is held on variable rates –…