UK interest rates hiked again to highest
for 13 years as Bank of England attempts to stem soaring inflation
UK base interest rates have increased from
1% to 1.25%, the fifth consecutive rise, to reach the highest level in 13
years.
In America, the Fed went further raising
rates by .75% to a target range of 1.5-1.75 percent and forecasts a 3.25-3.5
percent fed funds rate by year-end.
It comes as finances are being squeezed by
the rising cost of living, driven by record fuel and energy prices.
Inflation - the rate at which prices rise -
is currently at a 40-year high of 9%, and the Bank – which last year said
inflation was “transitory” now warns it could surpass 11% by October. But
everyone knows inflation is already well into double digits with heating and
fuels bills doubling for many families.
In a survey carried out by the BBC some
people revealed that they are skipping meals to save money and cutting back on
spending on luxuries and entertainment.
With no sign of oil and gas prices coming
down soon, this all points to a recession.
Crypto collapse continues as BTC losses top 70%
Many major cryptocurrencies have fallen by
up to a quarter of their value over the past day
Bitcoin crashed below $21,000 on
Wednesday, dropping a further 10 per cent overnight to reach its lowest level
since the end of 2020 - at $20,630 as I write.
Ethereum has collapsed from just under $5,000
in November 2021 to just over $1000 and other cryptos have fallen off the
cliff.
Some cryptocurrencies have since
recovered slightly, though analysts warn that the volatility may not yet be
over.
Bitcoin is trading at $20,630, and has
dropped 25% in the past five days alone its lowest value in 18 months. Its peak
of almost $70,000, in November, feels like another era.
There has never
been a more pressing time to learn how to manage your money – you can watch my free training video by clicking here - https://bit.ly/3H2WcbA
How to survive
What will you do to
survive and even thrive in this recession?
80% OF PEOPLE WHO WANT MORE
NEVER DO ANYTHING TO EARN MORE
Here are my 10
inflation-busting tips:
1. Loyalty
cards and money saving and rewards websites can save you thousands
2. Maximise
your returns on savings and investments and invest spare cash into assets
3. Clear
credit card debts as fast as you can or transfer to interest free offers
4. Abandon
‘brand loyalty’ for better deals on similar products and services
5. Shop
wisely at discount store, look for price reductions and stay flexible
6. Cook
from scratch and avoid expensive pre-prepared microwavable meals
7. Get
control of your finances and stop spending more than you earn
8. Earn
more than you spend by increasing your income
9. Get
a part-time job – there are millions of job vacancies in the UK
10. Start
a part-time side hustle or retrain for a higher paid career.
JOIN ME FOR UK
PROPERTY TALK SAT 28 MAY 2022 10AM
75% of mortgages are fixed
40% of fixed rate mortgages
are fixed for 5 years.
More houses in the UK are
owned out right with no mortgages than those with mortgages.
Register - https://contexttraining.aweb.page/p/c1e369d0-56b1-45a3-8264-0c0a7e875d23
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