Interest rate rise almost a certainty

Interest rates look set to rise next week, according to a poll of some of the UK’s leading economists.

In the survey of 61 economic experts, 100% thought that there would be a further interest rate rise at the next meeting of the Bank of England’s Monetary Policy Committee.

This would be the Monetary Policy Committee’s fourth interest rate rise since August. It is expect interest rates will rise to 5.5%.

However, some analysts believe this rise may not be enough, with 23% of those surveyed expecting the Monetary Policy Committee to take interest rates to 5.75% later in the year.

With average annual house price growth still over 10%, the Bank of England may use a further interest rate rise to cool the housing market.

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