There is rising public discontent over the Bank of England's interest rate policies, the Bank of England/Ipsos Inflation Attitudes Survey has revealed. The survey shows a significant drop in the dissatisfaction index, currently standing at -13% compared to February's -4%.

According to the survey, 57% of respondents expect interest rates to increase in the coming year, while 20% anticipate no change. Interestingly, 37% of participants believe that an interest rate cut would be most beneficial for the economy, whereas 25% prefer rates to remain steady, and 16% support an increase.

Regarding personal finances, 31% of those surveyed believe a rate cut would be advantageous, while 26% think an increase would serve their best interests.

Sarah Coles, head of personal finance at Hargreaves Lansdown, commented on the growing impatience among the public toward the Bank of England's rate setters, attributing it to the failure of increasing interest rates to effectively control inflation. Coles highlighted the concern expressed by 69% of respondents regarding the impact of inflation on the economy. Despite this, a majority of people expect interest rates to rise in the next year, with an average anticipated inflation rate of 3.5%.

Coles pointed out that the frustration stems from the delayed impact of rising rates on prices. Approximately half of mortgage holders have not experienced any rate changes since the Bank of England began raising rates, leading to robust demand and elevated prices.

While there is a growing sentiment for rate cuts, Coles cautioned that disappointment is likely, as rates are not expected to decrease before 2024 and may persist at their current level. This suggests that frustration with higher rates is unlikely to dissipate in the near term, leaving uncertainty in its wake.