UK households will face more pain, says Bank’s former chief economist

Andy Haldane says starting mortgage rate rises sooner would have nipped inflation in the bud

The former chief economist of the Bank of England has warned there is more pain to come" for households and the wider economy as mortgage rate increases hit people's bank accounts and weigh on spending.

Andy Haldane, who is now chief executive of the Royal Society of Arts, said it was painful to see the effects of rising interest rates since he left the Bank of England and its rate-setting monetary policy committee in June 2021.