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1.5m UK homeowners on variable rate mortgages face new borrowing rise

Bank of England expected to push interest rates up to 4.5% to tackle high inflation rate

Almost 1.5 million homeowners with variable rate mortgages face higher borrowing costs with the Bank of England expected to push up interest rates on Thursday to 4.5%.

A poll of City analysts found there was a 96% chance the central bank would increase its base rate by 0.25 percentage points when policymakers meet to tackle Britain’s stubbornly high inflation rate.

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