UK braces for rate hike never experienced by young debtors
Rate increase to push up cost of variable-rate mortgages, which account for 60% outstanding home loans
London
AFTER more than six years of record-low interest rates, the looming increase hinted at by Bank of England (BOE) policymakers may come as a shock to consumers driving Britain's recovery.
As BOE governor Mark Carney signals that rates could rise early next year, officials are weighing the potential costs for the fastest-growing economy in the Group of Seven. A risk is that highly indebted households curtail their spending, putting the brakes on an expansion getting no help from exports.
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Central banks will probably only cut half as much as they hiked