Bank of England warns that higher rates ‘have yet to come through’


A member of the public walks through heavy rain near the Bank of England in May 2023.

Dan Kitwood | Getty Images News | Getty Images

LONDON — The Bank of England on Wednesday warned that although household finances are faring better than expected, higher borrowing costs have yet to fully feed through to the economy.

In its half-yearly Financial Stability Report, the central bank noted that “the overall risk environment remains challenging” amid a sluggish domestic economy, further risks to global growth and inflation and heightened geopolitical tensions.

The Bank of England hiked interest rates by more than 500 basis points between December 2021 and August 2023, taking its main rate to a…


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