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Citizens Advice responds to interest rates cut

4 August 2016

Citizens Advice has today called for creditors to pass on the cut in interest rates announced by the Bank of England, to take the pressure off people in debt.

The Governor of the Bank of England Mark Carney today announced that interest rates will be cut from 0.5% to a record low of 0.25%.

Gillian Guy, Chief Executive of Citizens Advice, said:

“Having interest rates at a record low could take some of the pressure off people struggling with unmanageable debt.

“With levels of unsecured debt like credit cards and personal loans now rising faster than incomes, lower interest rates could provide some relief for people worried about their financial future.

“It’s important that creditors now look to pass on the cut in interest rates and reduce the cost of borrowing for their customers as soon as possible.”

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Notes to editors

  1. The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
  5. Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.