The Bank of England has raised its interest rate to 5% to combat high inflation, which has not declined as quickly as hoped. The half-point hike carries serious implications for already stretched British borrowers and mortgage-holders, with fears of a housing crash on the rise. The latest hike will be particularly painful for people holding loans and debt, in particular, the 1.4 million households in the UK who will have to refinance their mortgages within the year. Half of low income private renters are paying more than 40% of their income on rent, leaving 78% going without at least one essential purchase.

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