Sir Mervyn King warns mortgage rates are likely to soar and tells banks to slash bonuses | Mail Online

Sir Mervyn King warns mortgage rates are likely to soar and tells banks to slash bonuses | Mail Online

Mortgage rates are set to soar as the Governor of the Bank of England warned the 'extraordinarily serious and threatening' crisis in the eurozone is damaging Britain.
The Bank's financial policy committee said banks were facing higher borrowing rates and may try to pass this on within months – resulting in a 'significant increase' in lending rates.
The sobering report came as governor Sir Mervyn King issued a dire warning about the threat posed to Britain by the euro crisis – because our banks have more than £500billion tied up in European institutions.
Sir Mervyn said the situation was spiralling ...