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Bank charges: UK 'could tip back into recession'

People currently experiencing hefty bank charges may be concerned to hear that an expert has predicted the UK could tip back into recession.

David Coombs, manager of the Rathbone Multi Asset Portfolios, claims that a substantial increase in interest rates could result in the UK slipping back into recession.

He said: "Bond markets have priced in a rate rise during the first half of the year, and we acknowledge that the impact of a 25-100 basis point rise is unlikely to have a material impact on growth.

"However, anything above that could be dangerous. The revised Q4 GDP numbers support our stance."

Mr Coombs added that wage inflation is being seriously underestimated as increased interest rates could increase inflation through wage demands.

He claims that while many have been able to put up with wage freezes while they have had cheaper mortgages, this may soon change.

The Bank of England chose to keep interest rates at 0.5 per cent at its February meeting.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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