Almost two-thirds of the public say they are concerned about rising interest rates as the Bank of England considers another hike in the cost of borrowing. The Bank is expected to announce its largest interest rate rise in almost 30 years at midday on Thursday as the UK faces soaring inflation.
In a poll published by Ipsos on Thursday morning, 64% of people said they were fairly or very concerned about the prospect of rising interest rates – a figure that rose to 80% among those aged 18 to 34. Some 67% said they were worried about the value of their savings, while concern about energy bills and the rising cost of living in general reached 75% and 89% respectively.
Gideon Skinner, head of political research at Ipsos in the UK, said: “We know that concern about the cost of living and inflation is at the top of the public’s agenda, with the proportion saying it is an important issue facing the country at a 40-year high in Ipsos’ long-term trends. And this particularly manifests itself in concerns about energy and utility bills and in the value of people’s savings.
