Millions of Brits could see savings wiped out

The Bank of England’s efforts to rein in stubbornly high inflation have been driving up home loan payments British homeowners may have to pay 50% more on their mortgages by the end of the year as a result of the Bank of England’s (BoE) interest rate hikes, the National Institute of Economic and Social Research (NIESR) warned in a new report published on Thursday. According to the findings, higher mortgage repayments could wipe out the savings of some 1.2 million British families, bringing the total number of insolvent households to 7.8 million, or 28% of the total in the country. The analysts also calculated that

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