Mortgage misery as Bank of England hikes interest rates to a 14-year high

Double whammy as average council tax bill to pass £2,000 for the first time

Kate Devlin
Politics and Whitehall editor
Thursday 23 March 2023 22:40 GMT
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Bank of England raises interest rates to 4.25 per cent after unexpected inflation hike

Millions of homeowners and thousands of businesses face more pain after the Bank of England raised interest rates to a 14-year high on Thursday.

The eleventh consecutive increase comes as the bank struggles to bring stubbornly high inflation under control. The consumer prices index jumped last month to 10.4 per cent from 10.1 per cent in January.

And in more bad news for households, official figures also show average council tax bills in England will this year top £2,000 for the first time.

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