Half of UK adults with over £15,000 in their current account have recently received financial support from a loved one

The Bank of England is cautiously trying to encourage economic growth. High levels of inflation have certainly complicated the picture, but reviving the economy is clearly a priority this time round.

London, 1 July 2025 – The Current Account Switch Service today announces switching trends for the SME and charity market in 2024.

Nobody should envy the tightrope the Bank is walking, with this decision indicating caution amid a turbulent macro-economic environment, and we can expect this approach to continue with a few small rate cuts later this year.

The uptick in consumer credit borrowing reflects the financial pressure many in the UK continue to face.

A vast majority (77%) of consumers have less than one month’s average salary. There has been a 15% decrease in the number of individuals with over £2,500 in their current account since 2021

While the decision to hold the base rate at 4.5% means interest rates on current and savings accounts are unlikely to shift in the short term,

Taking the first steps toward financial independence can often feel daunting. However, building the knowledge and skills to make financial decisions ultimately builds financial resilience and wellbeing.

“While the implications of today’s decision to lower the base rate may not be felt immediately, there will be important considerations for consumers going forward. 

Often called the most depressing day of the year, Blue Monday comes at a time when the New Year good feeling has worn off, and post-holiday season bills, cold weather, darker nights and a lack of motivation can make everything feel harder.