Everybody expected the BoE’s rate-setting monetary policy committee (MPC) to sit on its hands once again today. Yet the decision to freeze rates is still a massive blow for mortgage borrowers, who were hoping for some respite. Fat chance.

Many will be wondering when the first interest rate cut will land, and the outlook is bleak.

Interest rates are going to stay much higher for much longer than anybody anticipated at the start of the year. Not just here but in the US, too.

Markets genuinely…