Bank of England warns higher rates hit lower incomes hardest

Higher interest rates hit younger and lower income workers hardest, warns Bank of England policymaker Swati Dhingra

Rate rises lead to higher mortgage repayments but also higher savings rates

UK economy likely flat or could enter recession soon due to rate hikes, says Dhingra

Weaker growth from rates may increase inequality as lower income groups tend to be impacted more

Bank didn't raise rates lightly but had to curb high inflation, though outlook is uncertain