The Bank of England has raised interest rates today for the first time in more than ten years.
The official bank rate has been lifted from 0.25 per cent to 0.5 per cent, the first increase since July 2007.
Almost four million households face higher mortgage interest payments after the rise, raising concerns as families struggle to battle rising inflation and stagnant wages.
Of the 8.1 million households with a mortgage, 3.7 million, or 46 per cent, are on either a standard variable rate or a tracker rate.
Data comparison since the last rate rise on 5 July 2007 also makes for some interesting reading.
Average prices (CPI) are a huge 27.7 per cent higher since ’07, and real pay (excluding bonuses) is 2.5 per cent lower.
Recent statistics show inflation in London is up a massive 60 per cent in 20 years.
The Financial Times has pulled together a time line of key events over the last 10 years since rates were last put up in July 2007:
5 indications that the UK economy is on the brink of a collapse
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