Thousands of Londoners have been warned they face a major mortgage “shock” with some paying an extra £10,000 a year as the Bank of England raises interest rates to tackle soaring inflation and restore confidence in Britain’s economy.
The warning came as Prime Minister Liz Truss and Chancellor Kwasi Kwarteng held emergency talks with independent fiscal watchdog, the Office for Budget Responsibility, in a bid to calm financial markets following last week’s mini-budget.
