Pressure mounts on Bank of England as US interest rate hiked to highest since 2007

US Federal ReserveThe increase lifted the US central bank’s benchmark interest rate, which influences most consumer and business loans including credit cards and mortgages, to 4.50-4.75 per cent, the highest since November 2007.

He said inflation forecasts showed inflation going on longer and did not foresee interest rates coming down in 2023. “Inflation is going down. We are going to be cautious. This is a unique situation. We are not going declare victory [over inflation] yet. We do not see interest rates going down this year but if the situation changes and inflation comes down quicker we will look at that again.”

The BoE is anxious to avoid pushing the UK into a recession by raising borrowing costs but its mandate is to keep inflation at around 2 per cent.this year because of high energy prices, rising mortgage costs and increased taxes, as well as labour shortages.

Source: Loan Digest (loandigest.net)

Taking more from mortgage payers to ease inflation is nuts, many don’t have any disposable cash already and further rises will only cripple the housing market and cause many to lose their homes, we are all paying for the rich to maintain their wealth.

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