That’s because the Bank of England has raised rates 13 times in a row now this time to 5%. The raise of course means that homeowners that later have to refinance their homes are in for a very rude awakening.
Ongoing efforts to curb inflation don’t appear to be working but somebody clearly hasn’t told Prime Minister Rishi Sunak of such news. This week the Bank of England announced for the 13th time in a row that interest rates would be rising. This time the bank has raised the base rate to 5% which is poised to create quite a startling headache for homeowners and the like in the coming months.
But according to Sunak ‘inflation is being fought’ and he is 100% all in on combating inflation. Not everyone is convinced, however, mostly because inflation has largely not hit Sunak ‘s own pockets as he is the richest PM in history.
During conversations with warehouse workers at a plant in Dartford, the Prime Minister maintained that he was all in on fighting inflation but the delivery of these claims largely fell flat.