Interest rates hold: how it affects mortgages, loans and household bills

Borrowers and savers will feel the impact of high rates and rising energy costs. Families are encouraged to review budgets and spending.

Transcript

00:00The Bank of England is expected to hold interest rates at 3.75%, keeping borrowing costs steady

00:07but still higher than many households hoped. For anyone with a mortgage, credit card or

00:12personal loan, this means repayments remain expensive, while savings accounts offer limited

00:18returns. Rising oil prices and energy bills are adding

00:22extra pressure on budgets. Economists say the decision reflects global uncertainty and

00:28the impact of international events on costs. For everyday people, it's a reminder to

00:33review finances, plan for bills and shop carefully. Official stress stability is needed while inflation

00:39and energy costs continue to affect communities everywhere.