Interest rates to rise for 13th time in a row as homeowners face mortgage timebomb

The Bank of England is poised to raise interest rates for the 13th time in a row after disappointing inflation figures showed price rises have not eased.

The UK’s Consumer Prices Index (CPI) was unchanged in May at a rate of 8.7 per cent, according to the Office for National Statistics.

Economists agree that the Bank’s Monetary Policy Committee (MPC) is likely to raise interest rates from 4.5 per cent, with a 0.25 per cent increase expected, but a 40 per cent chance of a 0.5 per cent hike.

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