Interest Rates: Bank of England warns two-thirds of pain yet to come
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."
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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.