Bank of England Rate Cuts Deliver £11 Billion Hit to Households

Exactly one year since the Bank of England started to cut interest rates, the pressure on households from the highest borrowing costs in a generation is still building.

Bloomberg analysis of BOE savings and mortgage data shows that Britons in aggregate are an annual £11 billion ($14.5 billion) worse off than in July last year — despite four interest-rate cuts since then and the prospect of more to come.