Interest rates: why the long era of ever-cheaper finance is finally over

Bank of England is warning that hikes are ahead as inflation soars

Bank of England governor Andrew Bailey
Bank of England governor Andrew Bailey
(Image credit: Kirsty O'Connor - WPA Pool/Getty Images)

Economics expert John Whittaker of Lancaster University on why an imminent rise in interest rates is needed to keep the UK economy on track

The Bank of England was widely expected to slightly increase its official bank rate on 4 November, but it decided to stick to the all-time low of 0.1%. However, the Bank has made it clear that a rise will soon be needed, and the recent increases in mortgage rates indicate that lenders agree. So why the decision to hold off?

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