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The potential impact of higher interest rates and further fiscal consolidation on households: evidence from the 2015 NMG Consulting survey

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  • Bunn, Philip

    (Bank of England)

  • Drapper, Lizzie

    (Bank of England)

  • Rowe, Jeremy

    (Bank of England)

  • Shah, Sagar

    (Bank of England)

Abstract

The balance sheet positions of mortgagors have improved modestly over the past year. Households appear a little better placed to cope with a rise in interest rates than a year ago and survey responses do not imply that a rise in rates would have an unusually large impact on spending. The survey results suggest that the Government’s plans for fiscal consolidation are likely to continue to weigh on household spending.

Suggested Citation

  • Bunn, Philip & Drapper, Lizzie & Rowe, Jeremy & Shah, Sagar, 2015. "The potential impact of higher interest rates and further fiscal consolidation on households: evidence from the 2015 NMG Consulting survey," Bank of England Quarterly Bulletin, Bank of England, vol. 55(4), pages 357-368.
    • Handle: RePEc:boe:qbullt:0189
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