Bank of England says UK banks are resilient enough to offer struggling households support

By PAN PYLAS
Associated Press

LONDON (AP) — The Bank of England has warned that households across the U.K. are facing mounting problems from the sharp increase in interest rates but says the country’s biggest banks are resilient enough to offer more help than they were able to before the global financial crisis 15 years ago. In its regular health check of the economy, published Wednesday, the central bank said British households are facing higher debt burdens as a result of rising interest rates, particularly those whose fixed-rate mortgage deals come to an end. It noted that the country’s banks have more capital than they did 15 years ago to allow them to offer struggling households more financial options.