Swati Dhingra says economy has flatlined and millions of mostly young and poorer people could be affected if rates stay high
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The economy has flatlined and only a quarter of the impact from the Bank of England’s 14 consecutive increases in interest rates has fed through, according to one of its policymakers.
Swati Dhingra, a member of the central bank’s rate-setting monetary policy committee (MPC), said the full force of the steep rise in borrowing costs to 5.25%, after years of cheap loans and low mortgage rates, was only just beginning to hit household incomes.
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