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Bank of England hikes interest rates to highest level in 15 years
Homeowners could face mortgage hikes of up to £14,000 a year, Labour warns
Andrew Bailey, Governor of the Bank of England, during the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, following the decision to raise interest rates to 4% from 3.5%
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THE Bank of England hiked interest rates to their highest level in nearly 15 years today, despite warning Britain is set to enter recession this year.
The 0.5 per cent increase — from 3.5 to 4 per cent — saw the base rate hit its highest point since October 2008, when a reckless banking sector sparked one of the worst global recessions ever recorded.
Labour warned the move could leave homeowners facing mortgage hikes of up to £14,000 a year as they come off low fixed-rate deals.
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