Shock interest rate rise means ‘struggle’ for shoppers and retailers, warns credit insurer
The bigger-than-expected increase in interest rates to the highest level since the 2008 financial crisis will pile more pressure on consumers and retailers, a leading credit insurer has warned.
The Bank of England (BoE) this week lifted the interest rate to 5%, the highest since 2008, as it struggled to bring down inflation, which has fuelled a cost of living crisis that has already impacted shoppers and retailers for more than a year.
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