Mortgage warning for millions
THE Bank of England today raised interest rates for the 11th time in a row to a near 15-year high.Investment analysts have said the higher rates will affect mortgages and pensionsBut Bank of England governor Andrew Bailey said rising rates was the best tool to bring inflation downhad to admit it had been too gloomy about predictions as it hiked the base rate by 0.25 percentage points to 4.25 per cent.
The rise was widely forecast after official figures a day earlier showed a surprise increase in consumer priceRaising interest rates is the biggest weapon the Bank has in tackling inflation as it encourages consumers and businesses to save rather than spend.holders and borrowers at a time of record high prices for basic essentials such as food, fuel and rent.
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