Interest rates to rise

Interest rates will rise six-fold by 2017 as Britain's economy becomes one of the fastest growing in the developed world, Mark Carney the Governor of the Bank of England said yesterday. The increase to more "normal" levels is likely to put many borrowers into financial difficulty. Brokers are expecting a rush of borrowers wanting to fix their mortgages. Separately, Mr Carney admitted he has no direct control over soaring house prices in prime central London. He told MPs that the Bank did not have the “tools” to dampen the market in the capital’s affluent central boroughs, which was driven by cash buyers, many of them from abroad. The Daily Telegraph, Page: 1 Evening Standard, Page: 2, 4