Each week, RBI’s journalists select top tweets that summarise the social media buzz in our sector, underpinned by GlobalData’s analytics. These social media signals help us understand brand sentiments and the themes driving conversations on social platforms. This new, thematic coverage is driven by our underlying Disruptor data which tracks all major deals, patents, company filings, hiring patterns and social media buzz across our sectors.  

This week (28 July – 3 August), people have been exchanging thoughts on Twitter about hiking the UK interest rates and the long-term impact on the country’s economy.

The Bank of England raised interest rates by 0.25% to 5.25%, reaching a new 15-year high, with borrowing costs now biting even harder into people’s savings. The Monetary Policy Committee gave no clear indication as to when the BoE will end rate hikes despite signs of slowing inflation. 

In a Twitter post, HM Treasury cited UK’s Chancellor Jeremy Hunt, who claimed, “If we stick to the plan, the Bank forecasts inflation will be below 3% in a year’s time without the economy falling into a recession.”

Meanwhile, some bank forecasts suggest interest rates might stay high until mid-2025. This prompted criticism from experts, including Richard Murphy, a British chartered accountant and political economist, who called the idea “economic insanity”.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
However, experts consulted by Bloomberg say they expect the rates to soon peak at around 5.75%. That seems to have been in line with today’s BoE vote, with six members of the Monetary Policy Committee –Andrew Bailey, BoE’s governor, included – voting for a quarter-point hike. The remaining three opted for either a 0.5% interest rate hike or no hike at all.