When will interest rates start to fall?
The Bank of England has now raised interest rates 12 times in a row to a near 15-year high, but its latest outlook suggests the possibility of at least one further rate rise next month.
But on the downside, inflation hangs around like a bad smell well into next year, falling notably more slowly than expected. The economy is now forecast to make up the ground lost since the pandemic by the end of this year, rather than 2025. It is a significant upgrade from the very weak forecasts made last year.
The Bank also thinks that less than a third of the impact of the existing rate rises has fed through to consumers, partly because so many householders are on fixed-rate mortgages.
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