Treasury sources told theipaper Chancellor Jeremy Hunt is open to looking again at what banks and lenders could be asked to do to ease the financial strain on families
Most economists expect the Bank’s Monetary Policy Committee to lift the base rate by 0.25 percentage points on Thursday, taking it to 5.25 per cent. The last time it stood this high was in March 2008.
And this latest interest rate increase would increase pressure on borrowers facing hundreds of pounds extra added onto their monthly repayments. After hearing from an LBC caller about their mortgage situation, Mr Sunak said: “It’s inflation that’s causing everyone problems with their bills, it’s inflation which means the Bank of England is having to put up interest rates.
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