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PPI Refunds: Economic climate 'could get worse'

PPI refunds could assist consumers as the harsh financial conditions are expected to get worse.

Ray Boulger of mortgage advisor John Charcol stated that the Bank of England's Monetary Policy Committee's (MPC) recent decisions could be bad news for consumers.

The committee's choice to increase quantitative easing to £275 billion over the next four months suggests it is even more pessimistic about the UK's fiscal prospects than most economists, Mr Boulger said.

He believes the Bank of England will have access to more fiscal information than most outsiders "so this move is not encouraging in that context".

The MPC expects inflation to rise above five per cent in the next month as higher energy costs are set to come into effect, but stated it is likely to fall below the two per cent target in the medium term.

However, Azad Zangana, an economist at Schroders, said the Bank's vote on quantitative easing could lead to households struggling with a higher rate of inflation in the future.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800755010-ADNFCR

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