Bank of England warns on fallout from rate hikes

[Collection] The Bank of England on Wednesday said its multiple interest-rate hikes aimed at cooling high inflation would prolong a cost-of-living crisis but stressed UK retail banks could contain the fallout. The BoE's Financial Policy Committee (FPC) said in a report that almost five million UK homeowners would see mortgage repayments soar over the next three years. Retail banks tend to pass on BoE rate hikes, hitting customers whose home loans come with variable rates and those whose fixed-term deals are expiring.