UK braces for rate hike never experienced by young debtors

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.

For many people under the age of 30, the increase will be the first of their working lives. The BOE has held its …