BoE interest rate rise reaction

Responding to the Bank of England raising interest rates, Centre for London Chief Executive Nick Bowes said:

“Rising interest rates are making life even harder for renters in London. People who want to buy are finding getting a mortgage increasingly unaffordable. Renters are facing higher bills as landlords pass on higher payments on their mortgages.

Recent figures show us that the amount of people renting in the private sector is at an all-time high. Efforts by the Bank to tackle inflation are important. But government must help people faced by increasing housing costs, so they can afford to live and work here – otherwise businesses and public services will suffer.”