An interest rate rise will hit workers long before most see their pay increase, the Bank of England governor warned yesterday. Mark Carney said a rise was ‘getting closer’, indicating it is likely to take place next spring in line with predictions. For workers going through the biggest squeeze on pay since the 1920s, this will mean facing the threat of higher mortgage payments before benefiting from a higher salary. The combination will put impossible pressure on millions of families. Governor of the Bank of England Mark Carney said 'the Great Recession' had been a 'calamity' for workers Mr Carney admitted: ‘We are under no illusions. The Great Recession was a calamity. Britain’s workers have borne many of the consequences.’ But he added: ‘The point at which interest rates also begin to normalise is getting closer . . . You can expect interest rates to begin to rise.’
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Bank of England Governor spoke to the Trades Union Congress today
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Said wages had taken a battering following the 'Great Recession' of 2007
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But he warned workers not to expect a pay increase until after May election
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In a further blow  interest rates are likely to go up in the Spring of next year
Since the @placeholder was founded in 1694, the average level of interest rates has been 5 per cent.