UK’s central bank is likely to raise interest rates to 5.25 per cent from 5 per cent as monetary tightening continues
But at 7.9 per cent in June, annual price growth is nearly four times the BoE’s 2 per cent target and more than double the US rate.
Mortgage costs have hit their highest since 2008, weighing on house-building. A survey last week showed private-sector growth across the economy fell to a six-month low in July. ING economist James Smith said the BoE was “doing a bit of soul-searching” after missing last year’s inflation surge. The BoE began raising rates in December 2021, before other major central banks. A hike on Thursday would be its 14th in a row.
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