UK INFLATION SHOCKER
Homeowners suffer after 13th consecutive rate hike
LIKE South Africans, residents in the UK are feeling the pinch as the cost-of-living crisis continues amid record-high inflation rates. The Bank of England hiked interest rates for a 13th consecutive time. The recent 0,5 percentage point rise brings the borrowing cost for commercial banks to 5% – the highest since early 2008 – with fears that the rate will hit 6% by the end of the year.
Homeowners like Jamie Madden have been hardest hit. The 33-year-old health and safety manager from Devon is considering selling his home because he can’t keep up with his bond repayments.
Jamie bought a three-bedroom
