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Bank charges news: Inflation drop 'not enough to restore confidence'

Britons who are desperately attempting to avoid exceeding their overdraft limit are constantly living in fear of being hit by bank charges.

The cost of living has risen considerably in the past few years and many banks have been quick to issue substantial fines when their customers withdraw too much cash.

News that rates of inflation have dipped this week have provided some solace to struggling UK workers, but this it is unlikely to completely lift the financial gloom that has swept the country.

According to the British Retail Consortium, the reduction of the Consumer Price Index from 4.2 per cent in December to 3.6 per cent last month is not enough to ease the squeeze on household budgets.

This is a view shared by bosses at price comparison website uSwitch, who have suggested that while the drop is welcome, it is unlikely to affect the majority of the population, as just eight per cent of people are expecting to receive a pay rise that will match or beat inflation this year.

Samantha Clarke

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


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