It's not only mortgage holders who suffer, credit card interest rates will climb as will the rate on ODs and other bank loans.
Lots of people use credit cards to stay alive these days and those people will feel the pain!
But yes - raising interest rates sucks money out of the economy as does slashing government spending which this govt of clowns will undoubtedly prescribe for the ailing British economy.
If fact the useless wankers will try anything at all, rather than bite the bullet, admit Brexit is a catastrophe and reapply to rejoin the CU and single market if not the EU itself!
@Paulos_the_fog @Greenseer Yes of course. Also businesses loans.
And also yes, the missing perspective is a huge issue. Announcing the intention to join the single market alone would probably give a huge boost ..
Indeed rising interest rates screw absolutely everything up, in fact! They reduce capital investment and R+D. Norman Lamont's cack-handed handling of Soros manipulating the value of the pound, thus leading to a hitherto never seen, one day rise in interest rates, caused a massive project I was about to run to be cancelled leaving me on the dole - cheers buddy!
