Bank of England boss warns of more financial pain to come after yet another interest rate rise
Homeowners have been warned things could get even worse as the Bank of England said it could not rule out further interest rate rises in a bid to bring down rampant inflation. Families already crippled by soaring food and energy prices were yesterday dealt another blow with mortgage repayments rising due to another rate hike, the Mirror reports.
Angry homeowners told on radio shows yesterday of their anguish caused by the latest interest rate rise. On LBC, caller Rachel in Bristol said: “I haven’t lived at my home since I was 25, I’m now 43 this year and I’m actually going to be selling my house and moving back in with my parents.Mum Jennifer from the Isle of Man told BBC 5 Live her and her partner’s monthly payments have gone from £725 a month to £1,120.
Shadow Chancellor Rachel Reeves said: “The Prime Minister should take his fingers out of his ears and admit his personal responsibility for a Tory mortgage crisis leaving so many worse off. He trapped us in a cycle of low growth and high taxes, while tickling the tummies of unfunded, trickle down tax extremists in his party.”
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