May 24, 2023
Homeowners and renters face 'huge' interest rate shock says Barclays chief
UK homeowners and renters are facing a "Huge income shock" as rising interest rates hit mortgages and monthly costs, warned the boss of Barclays. The Bank of England has sharply raised interest rates to curb inflation. Barclays boss said that "Most people will begin to feel the impact of higher rates when their current deal expires by the end of next year", and predicted "There is a huge income shock" on the way. The Bank of England has raised interest rates 12 times since December 2021 in an attempt to keep price rises, or inflation, under control. Rew Montlake, managing director at mortgage brokers Coreco says: "Whilst on the face of it we have seen a fall in inflation back down to single figures, it is not by quite as much as expected. He added:"What is more, the important underlying inflation figure has proved to be stickier than envisaged.
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