Earlier the Bank of England heaped misery on millions of mortgage holders by raising interest rates for a record 13th time in a row - pushing the cost of borrowing up with a 'jumbo hike' to 5%.
"And we can't have companies seeking to rebuild profit margins which mean prices continue to go up at their current rates. Inflation didn’t change in May, remaining at 8.7% despite supermarkets boasting of price cuts for certain products. "Within an hour now just across the river, the Bank of England will take a decision that will underline with emphasis the reality of where we stand as a nation, and also the fact that we now live in a new economic era," Sir Keir told the Times CEO summit in London.
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