Tories turn on Bank of England over mortgage crisis as interest rates to be hiked again

Chancellor Jeremy Hunt’s economic advisers are among those to have turned on the Bank of England over its failure to curb inflation.

The move is expected to pile further pressure on mortgage-holders, with warnings that 1.4 million will lose at least a fifth of their disposable income in additional payments. Andrea Leadsom, a Tory former Treasury minister, said the Bank was doing "too little, too late" while a senior adviser to Mr Hunt said it had "misjudged" the inflationary threat.

PM Rishi Sunak, due to speak on Thursday at an economy-focused PM Connect event in the south-east of England, will look to reassure workers about the pressures being caused by rising prices.

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