Mortgage misery as interest rates hit a 14-year high

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Millions of homeowners and thousands of businesses face more pain after the Bank of England raised interest rates to a 14-year high on Thursday.

The eleventh consecutive increase comes as the bank struggles to bring stubbornly high inflation under control. The consumer prices index jumped last month to 10.4 per cent from 10.1 per cent in January.

And in more bad news for households, official figures also show average council tax bills in England will this year top £2,000 for the first time.