Mortgage costs increase as lenders fear post‑budget interest rate rise next week - The Times

Millions of households face higher mortgage payments with interest rate rises expected next week as a result of Rishi Sunak’s spending splurge, City economists believe.

Concerns about falling living standards intensified today after analysts warned that high inflation and tax rises were likely to more than offset pay rises for most earners. They said that more than a million people would be dragged into the higher rate of tax as a result of a budget that was likely to leave middle earners worse off next year.

The Bank of England is also set to be the world’s first central bank to increase rates after Sunak promised another £150 billion for public services on Wednesday.

Markets are certain that the base rate will rise from 0.1

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2021-10-28 23:00:00Z
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