Full force of interest rate hikes is yet to be felt, says Bank of England official

Swati Dhingra says economy has flatlined and millions of mostly young and poorer people could be affected if rates stay high

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The economy has flatlined and only a quarter of the impact from the Bank of England's 14 consecutive increases in interest rates has fed through, according to one of its policymakers.

Swati Dhingra, a member of the central bank's rate-setting monetary policy committee (MPC), said the full force of the steep rise in borrowing costs to 5.25%, after years of cheap loans and low mortgage rates, was only just beginning to hit household incomes.