(Picture: PA Archive)
Millions of homeowners have been put on notice of a higher than expected rise in interest rates over the next year as one of the Bank of England’s rate setters said they may have to be lifted to 2 per cent or higher to tame soaring inflation.
With Tory leadership hopefuls battling it out over tax cuts and plans to deal with the cost of living crisis, Michael Saunders, one of the four external members of the BoE’s nine-strong Monetary Policy Committee, said further monetary tightening was likely in the coming months .
