Interest rates as it happened: UK and Switzerland surprise investors

Several London commuters expressed unease that higher interest rates could prolong the cost of living crisis, with housing of particular concern.

In the financial district of Canary Wharf, Tunde, 38, said his mortgage was due to be renewed next year. “I’m hoping [the interest rate] drops. If it’s going to drop, it’ll be by the end of next year but that feels like a long time away.” 

James, 44, believed the rate had “topped out” and that the Bank of England would hold at 5.25 per cent. “It’s high, and it has been a shock, but it’s not going to get any worse.” 

Some renters, however, said they were worried that landlords’ costs would continue trickling down to them. Imogen, 26, said: “Everyone’s rents are still going up.” While Annabel, 27, said she’s considering leaving London due to soaring rents. “Things are just so expensive.”