Majority of MPC rate-setters back hike of 0.5 percentage points despite fears UK is entering a long recession
Mortgage payers are braced for higher borrowing costs, after thepushed up its base rate by 0.5 percentage points to 3.5% despite saying inflation has peaked and Britain is about to enter “a prolonged recession”.
His comments, which appeared to show further rate rises could peak below forecasts of 4.5% by the end of next year, sent the pound tumbling against the dollar by 2 cents. “And that’s why, really, we had to raise interest rates today, because we see that risk as really quite pronounced.”
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