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UK borrowers, from mortgage-payers to the government itself, will face high interest rates for years to come, a former Bank of England governor has predicted.
One of the things that governments in the UK, and Canada, elsewhere have to get used to, now, is that they are going to be paying higher rates of interest for their debt for the foreseeable future.
Not just measured in 12 months, 24 months, but actually, the big techtonic shifts in the global economy mean that we are likely to have higher longer-term interest rates for a period.
If you have still a few years of low interest rates on your mortgage, if you fixed just at the right time as it turned out, recognise that there will be ann adjustment over the medium term.
It’s a question of degree but the direction is very clear.
