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Inflation Having Noticeable Impact On Midlands Borrowers

The ECB has increased its interest rates twice in three months.

Rising inflation and increased interest rates are having a notable impact on borrowers in the midlands.

Yesterday, the European Central Bank raised its interest rates by an unprecedented 0.75 per cent.

It follows an earlier 0.5 per cent rise in July, after which a dip in borrowing was recorded at North Midlands Credit Union.

Manager Tom Allen expects inflation to continue having a knock-on effect on borrowers for a long time to come:

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