GGF responds to Bank of England interest rate decision

Praful Nargund, Director of the Good Growth Foundation, said:

"Interest rates are at a stand-still as the Bank navigates a highly unpredictable international environment. It’s good to see expectations for the economy are on the up - but we know that higher rates will negatively impact mortgages and fiscal headroom.

"On top of that, fears that escalating conflict in the Middle East will harm our economy are coming true. Oil prices are volatile, and we’re now faced with the possibility of even higher inflation, and even higher energy costs. The impact will hit hard and fast - not just for businesses, but for families across the UK."