StepChange responds to first rate cut in over four years

^{1 August 2024}

Richard Lane, Chief Client Officer at StepChange, said:

“The Bank of England’s decision to cut interest rates by 0.25% is welcome news for consumers across Britain. However, rate cuts alone will not ease the financial pressures facing households.

“Recent StepChange research shows that 4 million people are facing problem debt in the UK, and over a quarter of the population are in financial difficulty, as many still struggle with the cost of living.

“We need to see continued forbearance from lenders and the new Government needs to ensure those who are struggling to afford the essentials are able to access the help that they need. For anyone worried about their finances, there are free and impartial debt advice charities like StepChange who are on hand to support you.”