iLrnr Glossary

How much it costs you to pay for essential basic spending like food, accommodation, travel, taxes, healthcare and other similar items. Measuring the cost of… Read More »Cost of living

Means that average prices are rising, but the purchasing power of money is declining, and it leads to an increase in the cost of living.

This simply means the total amount of money in the economy at any time in all its different forms.

The bank that manages a national currency, sets interest rates, manages the money supply and holds reserves of money under its control.

A company is a business that trades as a legal entity and is regulated by Companies House.

Annual Percentage Rate is the total cost of borrowing money for one year. It includes the rate of interest you will pay, as well as… Read More »ARP

The Bank of England is the UK’s central bank. That means it issues bank notes, is banker to the government, sets the base rate of… Read More »Bank of England

The official rate of interest set by the Bank of England: its purpose is to regulate inflation.

Is the chance you take that something might go wrong in one way or another.

Someone who has taken money in the form of a loan and has to pay it back.