Mr Bailey also insisted if the Bank does not raise interest rates thing would be “much worse”. We’ll make whatever decisions are needed to ensure that happens.” Mr Bailey, who earned nearly £600,000 last year, said it was “too soon to say” if the Bank will announce more rate rises.įlanked by colleague Katie Martin, he added: “It’s our job to get inflation back down to the 2% target and to stay there. For a typical £250,000 mortgage, it is nearly £8,000 more. Someone taking out that sort of mortgage will shell out almost £5,800 more a year than before the Bank started rising rates in late 2021. It means another £29 a month for the average variable rate borrower with a typical £175,000 loan. Economist Richard Murphy branded the rate hike an “act of economic sadism” that will spark further misery for millions of mortgage borrowers.
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