Hacks forget things, help us remember
Last night the US Federal Reserve put interest rates up, today the Bank of England held fire.
But let’s assume it follows suit in May and then, depending on the economy, again in November.
If that happens, we might need you.
When the Bank put rates up last November for the first time in ten years, we fumbled it.
It had been so long since we’d written one that we had completely forgotten how to do rate rise stories.
The obvious things to check – which banks immediately put borrowing costs up but kept savings rates the same – took longer to get to than they should have. As I say, we’d forgotten.
Flaks quick off the mark come the May rate rise should do well. Who has done right by savers? Who has immediately punished borrowers? By how much? How many people fall into each camp?And what ages are they?
Smart, new thoughts on how a whole generation of borrowers will react who have only ever seen rates go down shall be welcomed.
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