But if we don’t raise rates now, it could be worse later,” he added. “We know this is hard - many people with mortgages or loans will be understandably worried about what this means for them. “The economy is doing better than expected but inflation is still too high and we’ve got to deal with it,” Bank of England Governor Andrew Bailey said in a statement. The decision in favor of a 13th consecutive hike takes the main borrowing cost for commercial banks in the United Kingdom to 5%, the highest since April 2008. The move will pile pain on people with mortgages and put more downward pressure on house prices. The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation.
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