Surprise for Borrowers As Rates Pushed Up to Harness Inflation
Western Mail › January 12, 2007
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Summary
The Bank of England's Monetary Policy Committee increased the cost of borrowing from 5% to 5.25% in a surprised move yesterday, making mortgage and loan repayments more expensive for millions in the UK.
It was widely thought that rates would stay on hold with the markets, with some economists forecasting a rise next month.See the full content of this document
Extract
Surprise for Borrowers As Rates Pushed Up to Harness Inflation
But with inflation currently running well above the 2% target at 2.7% and set to rise further, the MPC hiked rates.
Policymakers are concerned at the strength of the housing market and the ...See the full content of this document
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