Euro 2004 could spark British rate rise

BRITISH homeowners could pay a big bounty for England’s progress in Euro 2004 if the Bank of England raises interest rates to curb the splurge on booze, TVs and football regalia.

Ulster Bank Financial Markets economist Niall Dunne believes that England's wins in the tournament might prove a double-edged sword for mortgage holders as the spending boom may force a hike in interest rates.

It's estimated that £435 million (€654 million) has been spent by soccer supporters on new televisions and other electrical equipment to enjoy watching Euro 2004. Fans living in Britain are expected to buy an extra 451 million bottles of beer and 7.52 million bottles of wine, enough alcohol to fill 75 Olympic-size swimming pools.