The bank yesterday voted to raise its base interest rate from 4.25 per cent to 4.5 per cent - the highest since the 2008 financial crisis.
It means another &pound;29 a month for the average variable rate mortgage borrower with a &pound;175,000 loan.
Someone taking out that sort of mortgage has to find almost &pound;5800 more a year ore bank began raising the rate in late 2021.
For a typical &pound;250,000 mortgage, it is nearly &pound;8000 a year extra.
Bailey, who earned nearly &pound;600,000 last year, admitted he won't be impacted as he has paid off his mortgage.
But he insisted he was "very aware of the impact of interest rate rises on mortgage holders across the country".
He added: "I also know that high inflation hits everyone, and hits people on the lowest incomes hardest and that's why we have taken the action we have.
Bailey went on: "It's our job to get inflation back down to the two per cent target and for it to stay there.
"We'll make whatever decisions are needed to ensure that happens."

Bank boss: Rate rises needed to bin inflation

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