Mortgage warning as Bank of England set to hike rates again - live

The Bank of England is expected to raise interest rates for the 11th time in a row, after yesterday’s shock rise in inflation and a banking crisis that has rocked the financial world. is due to announce its decision at noon, with economists and financial markets predicting that the Bank’s Monetary Policy Committee (MPC) will lift interest rates a quarter of 1 per cent, to 4.25 per cent – mirroring yesterday’s US Federal Reserve’s hike.

Any rate rise would be consistent with the Bank’s plan to battle inflation, but would have a detrimental impact on borrowers and those on tracker mortgage deals. Recent bank failures in the US have been blame partly on rising rates.