Poverty campaigners have warned of a “prolonged period of pain” after the Bank of England said Britain is facing the longest recession since records began, stretching deep into 2024.
The Bank raised interest rates by 0.75 of a percentage point to 3 per cent on Thursday, leaving homeowners with the biggest single shock to their mortgage bills in more than three decades.
Money Saving Expert founder Martin Lewis said mortgage-holders on variable rates face an additional £480 a year for every £100,000 of their loan.
