Citizens Advice Stockport, Oldham, Rochdale and Trafford acknowledges the latest interest rate hike, calls for increased financial support for consumers.
Citizens Advice Stockport, Oldham, Rochdale and Trafford are concerned about how this continuous rise will impact people already stretched thin by increasing living costs and skyrocketing housing costs.
Today's decision by the central bank to raise interest rates by 0.25% to 5.25% is the 14th consecutive rise in as many months. This continued trend underscores the financial challenges that millions of individuals and families across the nation are grappling with in an era of rising living costs.
Steve Hughes, Chief Operating Officer of Citizens Advice Stockport, Oldham, Rochdale and Trafford, said:
"Many of our clients are facing rent and mortgage increases that are often larger than the energy cost rises we witnessed last winter.
As an organization committed to helping individuals navigate complex financial situations, we believe that it is essential to address this growing concern urgently. It is a testament to the increasing burden on consumers who are already struggling to keep up with the rising cost of living.
We urge the relevant authorities and policymakers to consider the significant impact of these repeated interest rate hikes on everyday people.”
Steve Hughes continued, "A thorough evaluation of the present fiscal policies and the introduction of measures aimed at easing the pressure on vulnerable and low-income households is now more critical than ever. We remain committed to providing advice and support for those impacted by these financial challenges.”
For information and advice, contact Citizens Advice Trafford on 0808 278 7803 or visit our website.
Press Contact: Kara Mello Baron - kara.mello-baron@casort.org