The head of the Bank of England has warned that inflation is falling more slowly than expected – which makes further rises in interest rates more likely HugoGye reports
A spokesman for Rishi Sunak said: “There do remain a large range of mortgage deals available to the public, but we know this current situation may be concerning for some mortgage holders. But the Chancellor has made clear his expectation that lenders should live up to their responsibilities and support any mortgage borrowers who are finding it tough right now.”
A new poll by YouGov found that one third of voters blame the Government for the increases in interest rates, despite ministers’ insistence that they are attributable to global factors. Pay growth remained unexpectedly strong amid signs it may take longer than expected to increase the supply of workers. Andrew Bailey of the Bank of England told a House of Lords committee: “We have got a very tight labour market in this country, we’ve had a fall in the supply of labour which is showing signs of recovering but very slowly, frankly.” He added: “We still think the rate of inflation is going to come down but it is taking a lot longer than we expected.
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