‘Dire consequences’ if interest rates rise

Commenting on possible interest rises in The Herald, Mike Dailly GLC principal solicitor said: “There would be a lot more losers than winners from a base rate rise. We have 8.3 million people across the UK with problem indebtedness.

“They’ve had to borrow to cope with low wages, the gig economy and exponential household prices for food and bills. A rate rise right now could tip them over the edge when they’re already seriously struggling and financially squeezed”.

“It’s understandable that the Bank of England wants to put a brake on inflation running at 3per cent this year.

“But increasing the cost of borrowing won’t calm inflation. The reality is Scotland and the UK relies on imports, and you get inflation when the pound is devalued.”

Also see The Herald opinion: Rates rise will not fix the real problem in our economy