UK interest rates hiked again to highest for 13 years as Bank of England attempts to stem soaring inflation

Money Tips Daily by Charles Kelly, former IFA and author of

Interest rates have been increased from 1% to 1.25%, the fifth consecutive rise, to reach the highest level in 13 years.

In America, the Fed went further raising rates by .75% to a target range of 1.5-1.75 percent and forecasts a 3.25-3.5 percent fed funds rate by year-end.

It comes as finances are being squeezed by the rising cost of living, driven by record fuel and energy prices.

Inflation - the rate at which prices rise - is currently at a 40-year high of 9%, and the Bank – which last year said inflation was “transitory” now warns it could surpass 11% by October. But everyone knows inflation is already well into double digits with heating and fuels bills doubling for many families.

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In a survey carried out by the BBC some people revealed that they are skipping meals to save money and cutting back on spending on luxuries and entertainment.

With no sign of oil and gas prices coming down soon, this all points to a recession.

Crypto collapse continues as BTC losses top 70%

Many major cryptocurrencies have fallen by up to a quarter of their value over the past day

Bitcoin crashed below $21,000 on Wednesday, dropping a further 10 per cent overnight to reach its lowest level since the end of 2020 - at $20,630 as I write.

Ethereum has collapsed from just under $5,000 in November 2021 to just over $1000 and other cryptos have fallen off the cliff.

Some cryptocurrencies have since recovered slightly, though analysts warn that the volatility may not yet be over.

Bitcoin is trading at $20,630, and has dropped 25% in the past five days alone its lowest value in 18 months. Its peak of almost $70,000, in November, feels like another era.

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How to survive

What will you do to survive and even thrive in this recession?

80% OF PEOPLE WHO WANT MORE NEVER DO ANYTHING TO EARN MORE

Here are my 10 inflation-busting tips:

1. Loyalty cards and money saving and rewards websites can save you thousands

2. Maximise your returns on savings and investments and invest spare cash into assets

3. Clear credit card debts as fast as you can or transfer to interest free offers

4. Abandon ‘brand loyalty’ for better deals on similar products and services

5. Shop wisely at discount store, look for price reductions and stay flexible

6. Cook from scratch and avoid expensive pre-prepared microwavable meals

7. Get control of your finances and stop spending more than you earn

8. Earn more than you spend by increasing your income

9. Get a part-time job – there are millions of job vacancies in the UK

10. Start a part-time side hustle or retrain for a higher paid career.

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75% of mortgages are fixed

40% of fixed rate mortgages are fixed for 5 years.

More houses in the UK are owned out right with no mortgages than those with mortgages.

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