“In that sense, they simply cannot move too far on rates or they will lock in a much deeper recession.”
Mortgage holders and those in debt are likely to be among the many that will be worse by conditions where rate rises.
Despite many banks and building societies passing down the Bank of England’s rate hike to their customers, savers are unlikely to get a return due to the extremely high inflation rate.
However, it may be too late to enact positive change through rate increases, according to Mr Koudmani.
