Bank of England Governor Andrew Bailey has warned two thirds of interest rate pain is yet to come for borrowers following the latest rate rise.
The central bank’s Monetary Policy Committee voted 7-2 to raise the base rate by 0.25% yesterday, from 4.25% to 4.5%.
On the flipside Bailey added that inflation should fall rapidly in just a few weeks – with the CPI inflation rate standing at 5.7% in March 2023.