Consumers must prepare for change, as clock ticks on Bank of England interest rate rise, says KPMG

Consumers must prepare for change, as clock ticks...

Yael Selfin, KPMG's UK Head of Macroeconomics, comments on ECB monetary policy and impact of interest rate increase in the UK.

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Yael Selfin, KPMG’s UK Head of Macroeconomics, responds to ECB monetary policy decisions, and the Bank of England’s decision to hold interest rates. She said:

Mario Draghi, President of the European Central Bank, announced today that the ECB policy will remain largely unchanged. In contrast to the UK, the Eurozone economy is in need of stronger monetary medicine. So far Draghi has limited himself largely to verbal reassurances but more concrete action is needed in order to see a true recovery taking hold.

“Despite the Bank of England holding rates today, the clock is ticking on when the rise will come. This continued delay could potentially create a greater shock to consumers when the first rise is announced, as borrowers scramble to adjust. Huge swathes of borrowers have not experienced a rise, and many more have forgotten what it is like.”


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Ann Burton, KPMG Press Office

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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