Bank of England expected to hike interest rates to 3.5% next week

🔴 The Bank of England is expected to hike interest rates from 3 per cent to 3.5 per cent next week, putting further pressure on mortgages

Economists at Deutsche Bank said they expect the rate to increase to 3.5 per cent at the meeting, predicting five of the nine-strong committee to opt for this increase.

Andrew Bailey, the Governor of the Bank of England, sought to cool market expectations for how high interest rates will ultimately increase at the previous meeting, amid improvements in the value of the pound and government borrowing rates since September. ING’s James Smith, Antoine Bouvet and Chris Turner said in a note to investors: “When the Bank of England hiked by 75 basis points for the first time back in November, it seemed obvious that it would be a one-off move.

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