Tesco warns public faces hardship in wake of interest rates rise

The chairman of Tesco has warned of the hardship people will face in the wake of rising interest rates. It comes after the Bank of England said interest rates may need to rise by more than previously expected. Speaking on the BBC's Laura Kuenssberg programme on Sunday, Mr Allan said that it was important to focus on how recent market turmoil and rising interest rates would impact on real people. "The reality is that the movement in interest rates is now going to lead to much higher mortgages rates for millions of people," he said. He added that officials would not hesitate to raise interest rates to meet the inflation target of 2%. It came just weeks after the UK's central bank hiked interest rates by 0.5% to 2.25% in late September.

Read the full story

 Related companies

Make a complaint about Tesco by viewing their customer service contacts.

•