Millions of Britons are facing painful increases in their mortgage costs after the Bank of England raised interest rates for the 12th time in a row to tackle “stubbornly high” inflation.
The Bank rejected accusations that it had gone too far and was “overcorrecting” for the inflation crisis after the Monetary Policy Committee (MPC) voted to hike the base interest rate from 4.25 per cent to 4.5 per cent.
