Interest rates stick at 0.5%

Published on 1 January 1970 by Raffick Marday

The Bank of England has decided to maintain the 0.5 per cent interest base rate, which will be widely welcomed to people with credit cards.

Interest rates have been kept at that level since March last year.

The move is supported by the British Chambers of Commerce, who before the announcement states that "any thought of raising interest rates… must be rejected until there is more conclusive evidence that growth is secure."

Currently, the UK's total credit card debt is a little over £60bn (£60.4bn) and the average interest rate on plastic lending is currently over 18 per cent (18.24 per cent), so if any future rise were to be passed on to consumers, it would be keenly felt.

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