UK to face longest recession since the 1930s

Despite this, she notes that those with mortgages and debt payments will pay less interest as a result.The finance expert added: ‘For savers this adds insult to injury, because on top of all of their economic woes, they know that rising savings rates aren’t necessarily going to last.’The small sliver of good news comes for borrowers – who might not see mortgage rates rise as high as they feared.’The Bank of England currently forecasts that interest rates will rise to 5.2 percent in late 2023, before starting to fall back.’The pain of inflation isn’t over yet. The Bank of England now expects it to be 11 percent in the last three months of this year, before dropping back from early 2023 as previous energy price hikes drop out of the calculations.’