The Governor of the Bank of England, Andrew Bailey, has said that two-thirds of pain from rate rises are yet to come, as households' fixed rate mortgages come up for renewal.
In an interview with Sky News Economics and Data Editor Ed Conway, speaking about higher inflation, he said: "I'm afraid the Bank of England doesn't have a tool to make that go away."
This comes after the Bank of England raised interest rates for a record-breaking 12th successive time, lifting the cost of borrowing to 4.5% and warning that inflation will be higher than anticipated.
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