Target Group comments on MPC decision: interest rate
18 September 2025
Mel Spencer, growth director of outsourcer Target Group, said:
“The Bank of England is in no rush to lower the bank rate. Prices in the UK are rising at the fastest rate in the G7. But with food and alcohol prices up 5.1 per cent the biggest impact will be on working people who spend more of their income on groceries. All the while service sector inflation and wage bills are edging down as the labour market cools.
“But I don’t think Governor Andrew Bailey is feeling very courageous – he’s not about to lower rates.
“If Chancellor Rachel Reeves doesn’t do something to help working people soon – by removing VAT from power bills maybe – we will soon start to see mortgage arrears rise. Lenders should be prepared and invest in their collections systems. They need to fix the roof while the sun is shining.”
