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Bank charges: 52% of Brits would like interest rate increase

Consumers currently having trouble with bank charges would have been interested to hear that today (September 8th), the Bank of England's Monetary Policy Committee (MPC) voted to keep the base rate at 0.5 per cent.

However, research by has revealed that over half (52 per cent) of Brits say they would like interest rates to increase.

A survey by the price comparison website revealed that 41 per cent would like an increase so they could get a better return on their savings, while 11 per cent wanted it to bring inflation back under control.

Kevin Mountford, head of banking at MoneySupermarket said: "With the Bank of England base rate sitting at a record low for the past two and a half years it is clear that there have been winners and losers.

"[Our poll] clearly shows that savers would like to see base rate rise in the near future as many are struggling to generate good returns on their savings pots."

Of those who did not want the base rate to increase, 23 per cent said it was because their mortgage payments would increase, while the same amount said the economy is too weak.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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