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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

Tue, Aug 04, 2015 - 5:50 AM

The Bank of England has held its interest rate at 0.5 per cent since March 2009, helping to fuel a housing boom that has left Britons owing a record £1.5 trillion.

PHOTO: BLOOMBERG

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...

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