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Article: PLANK OF ENGLAND; Fury as George hikes interest rates to 7.5%; MAY 6 1997; 6.25%; JUNE 6 1997; 6.5%; JULY 10 1997; 6.75%; AUGUST 7 1997; 7%; NOV 6 1997; 7.25%; JUNE 4 1997; 7.5%.(News)
- Article from:
- The Mirror (London, England)
- Article date:
- June 5, 1998
- Author:
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Copyright informationCOPYRIGHT 1998 MGN LTD. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BANK of England boss Eddie George was slammed last night after putting up interest rates.
Experts attacked the surprise leap - 0.25 per cent to 7.5 per cent - as "a rise too far" claiming it simply was not needed.
It is the SIXTH increase since Labour came to power, threatening more mortgage misery for millions next week and putting an estimated 200,000 manufacturing jobs at risk.
Households with an average pounds 50,000 mortgage could have to find another pounds 100 a year.
Mr George, 59, claimed he had to act because too many workers ...