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The Week
The Week
National
The Week Staff

Interest rates: more ‘trauma’ for households

John Major Larry Elliott Interest Rates Inflation Bank of England

Latest hike will cause ‘plenty of pain for borrowers’

“If it isn’t hurting it isn’t working.” That was the message from then-chancellor John Major in 1989 during a previous period when interest rate rises were used to tackle high inflation, said Larry Elliott in The Guardian.

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