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According to an article from iNews UK, the Bank of England raised interest rates by 0.5% on December 15, 2022, and will next adjust rates on February 2. The Monetary Policy Committee aims to bring inflation back down to its 2% target. There is no clear answer as to when interest rates will start to fall, but the Bank of England expects interest rates to hit 4.5% in the middle of 2023, falling back to 3.25% in three years’ time.
The Bank of England will cut the base rate to 3 per cent by the end of next year and then 2.5 per cent by the end of 2025, according to forecasts.
The Week UK reports that rates were thought to have peaked but the Bank of England’s base rate is now expected by markets to reach 5.5% by November and to remain elevated until February 2024.
The BBC News reports that 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.
According to an article from iNews UK, the Bank of England raised interest rates by 0.5% on December 15, 2022, and will next adjust rates on February 2. The Monetary Policy Committee aims to bring inflation back down to its 2% target. There is no clear answer as to when interest rates will start to fall, but the Bank of England expects interest rates to hit 4.5% in the middle of 2023, falling back to 3.25% in three years’ time.
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