The hike, which the market predicts the Bank of England will realise by May next year, is a 2.25 percent increase on the current 1.75 percent rate.
And it is “another catastrophe in the making”, a financial expert has warned.
Richard Murphy, a professor of accounting practice at Sheffield University, wrote on Twitter that the central bank base rates “matter” as they establish “the basis for all other interest rates in the UK”.
In this respect, a sky-high interest rate would raise the amount people have to pay for their mortgages and other loans they receive.
source: express.co.uk