Interest Rates: Bank of England warns two-thirds of pain yet to come

Thanks! Share it with your friends!

You disliked this video. Thanks for the feedback!

Added 11 months ago by VideoK

40 Views

The Governor of the Bank of England, Andrew Bailey, has said that two-thirds of pain from rate rises are yet to come, as households' fixed rate mortgages come up for renewal.

In an interview with Sky News Economics and Data Editor Ed Conway, speaking about higher inflation, he said: "I'm afraid the Bank of England doesn't have a tool to make that go away."

This comes after the Bank of England raised interest rates for a record-breaking 12th successive time, lifting the cost of borrowing to 4.5% and warning that inflation will be higher than anticipated.

Read more: https://news.sky.com/story/bank-of-england-interest-rate-increased-0-25-percentage-points-to-4-5-12878186

#inflationnews #bankofengland #inflationrise

SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews

Follow us on Twitter: https://twitter.com/skynews
Like us on Facebook: https://www.facebook.com/skynews
Follow us on Instagram: https://www.instagram.com/skynews
Follow us on TikTok: https://www.tiktok.com/@skynews

For more content go to http://news.sky.com and download our apps:
Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8
Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB

Sky News Daily podcast is available for free here: https://podfollow.com/skynewsdaily/

Sky News videos are now available in Spanish here/Los video de Sky News están disponibles en español aquí: https://www.youtube.com/channel/UCzG5BnqHO8oNlrPDW9CYJog

Sky News videos are also available in German here/Hier können Sie außerdem Sky News-Videos auf Deutsch finden: https://www.youtube.com/channel/UCHYg31l2xrF-Bj859nsOfnA

To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales