ICR275: What an interest rate rise will mean for you
In today’s episode, I’m looking at interest rates – how likely are they to rise next month, and what would any rate rise mean for your personal finances?
There’s also a roundup of the latest personal finance news and the aftershow, where I share some news from the world of Informed Choice.
Personal finance news
-The Financial Conduct Authority has estimated that 4.1 million people are in financial difficulty. The research shows financial difficulty is often caused by missing a domestic bill or debt repayment.
-Price inflation, as measured by the Consumer Prices Index, has reached 3% in the UK for the year to September. It’s up from 2.9% in August and represents the highest level since early 2012.
-Fund provider Vanguard has warned about the risks of record stock market highs. Vanguard boss Bill McNabb has said the markets could be in for a “decent-sized correction at some point”.
-New data has shown house prices in London falling at their fastest pace since the global financial crisis. It means the London property market is now the worst performing part of a slowing national property market.
-Financial Conduct Authority chief executive Andrew Bailey has warned of a “pronounced” build up of debt among younger people. Bailey explained that young people are often having to borrow money to meet basic living costs.
Get answers to your personal finance questions
Do you have a personal finance or investing question for Martin?
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