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Daily Mirror
Daily Mirror
Business
Graham Hiscott

Biggest interest rate rise in 33 years set to cost mortgage borrowers an extra £1,100

Bank of England Monetary Policy Committee Monetary Policy Moneyfacts

The Bank of England is set to announce its biggest interest rate hike in 33 years today - adding an average £1,100 a year to mortgage bills.

Financial markets are betting that the Monetary Policy Committee will vote to up its rate by 0.75 percentage points - from 2.25% to 3% - to try to cool inflation.

It would be the eighth consecutive jump in interest rates by the Bank and will represent the biggest increase since 1989.

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