Low interest rates may never return to where they were after the Bank of England increased them to 4% today, Martin Lewis has told LBC
Speaking on LBC's Tonight with Andrew Marr, Mr Lewis said interest rates have typically been higher over the last two centuries compared with the last 15 years, which may have been the anomaly.
"I think this happens because [younger people]...have only ever known interest rates of around half a per cent. Since 2007, we have had interest rates that have limboed very substantially below the 200-year historic interest rates. "They may never go back to where they were - equally, they may go back to where they were, we just don't know.
The slowdown will be down to high energy costs and prices but inflation will slow down and companies are likely to hold off on making staff redundant.While savers are set to benefit from higher rates, homeowners with mortgages and customers with loans will be hit.
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