News | McKinney: Fragile economy could be damaged if interest rates are tampered with

McKinney: Fragile economy could be damaged if interest rates are tampered with

SDLP MLA and Enterprise, Trade and Investment Committee member, Fearghal McKinney is concerned banks may be tempted to increase interest rates off the back of positive national and international news in relation to the economy.

The good news on unemployment figures is welcome, as is wider positive news from America, but Mr McKinney said:

“Locally, our business people and homeowners are still facing enormous stress and the economy itself is still in a very vulnerable position. Combined, the news from the Federal Reserve in America and locally around UK employment rates could tempt lenders to jack up interest rates, believing that we have turned the corner. However, now or any time soon should such a consideration be made.

“People are still struggling with large debts, particularly businesses and homeowners, and there is a danger any increase in rates could further damage a very fragile situation”

Latest Posts

Categories

Tags