Last week the Bank of England announced that interest rates are expected to be raised to tackle inflation, which would be the highest in the last 13 years.
The change, that has been announced, is set to impact up to two million homeowners across the country with an increase on mortgage payments.
The Bank of England predict that the UK economy will shrink later this year in the face of double-digit inflation and an unprecedented squeeze on household incomes.
The director of the Institute for Fiscal Studies, Paul Johnson, has warned that mortgage payment may double “over a period of time”.
Since the Russian invasion of Ukraine, energy prices have gone through the roof, something the Bank say: “will leave a lasting scar” on the economy.
This in turn is only going to keep unemployment on the rise and with Salford having some of the highest unemployment rates in the United Kingdom, Salfordians have every right to be concerned.
The official rate has gone up by 1%, however the move has come under a lot of fire from local home owners in Salford.
We spoke to young people in Salford in regards to the latest news and here’s what they had to say on the issue.
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