Millions might be paying too much for their mortgages due to unreliable figures from the Office for National Statistics (ONS), as acknowledged by Andrew Bailey, the Governor of the Bank of England. Bailey informed MPs that the absence of confidence in critical ONS data "does have a bearing" on decisions concerning interest rates—decisions that impact monthly mortgage repayments directly.

If the Bank doubts official employment and wage statistics, it might hesitate to reduce interest rates, potentially disadvantaging borrowers. This news could particularly unsettle the 8.4 million mortgage holders in Britain, especially the 1.1 million with loans tied to interest rate changes.

A previous 0.25 percentage point reduction in rates this year trimmed yearly payments on an average tracker mortg

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