More than seven million households in England and Wales will be impacted by the Bank of England’s hike in interest rates.
The Bank of England has increased the base rate of interest to 5% today in a move that will bring mortgage misery to millions. It’s the 13th time in a row that rates have been increased as the BoE tries to curb inflation.
On Wednesday the news broke that inflation stayed at 8.7% for the second month in a row, despite efforts to bring it down.
