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Britain’s Interest Rates Are Spiraling Into a National Obsession
On the same day that UK interest-rate expectations hit the highest since 1998, Bank of England Governor Andrew Bailey was explaining inflation to children. Sitting down to an interview on CBBC’s Newsround, a TV show aimed at kids as young as seven, Bailey was lamenting how families now faced “very difficult choices” because of rising mortgage costs. In London, newspapers put warnings about interest rates and bright red lines pointing skyward on the front page. While Britain’s cost-of-living crisis has been brewing for months, this was a week that the fear over interest rates seemed to escalate on its own. ... (full story)