Economy in the slow lane

Household spending to take a hit Prof to help decide on rate

Chancellor Philip Hammond has named an economics professor as the newest member of the Bank of England’s interest rate setting committee.

Silvana Tenreyro, from the London School of Economics, replaces Kristin Forbes on the with the average person shelling out nearly £8,000 extra and some more than £13,000, says Barclays Mortgages. At a typical age of 32, more than half also admitted they have never negotiated for anything in their lives. Others were worried trying to get a price cut might cost them the deal. Barclays recommends first time buyers should research average selling prices, school Monetary Policy Committee at the end of this month. Forbes was one of three MPC members who voted to raise the Bank’s base rate this month. Tenreyro will help determine if the rate rises again this year – a boost for savers but a blow for borrowers. KEY JOB For Silvana Tenreyro