Interest rates could shoot to 3.5 per cent from next week following a meeting of the Monetary Policy Committee
It is understood that the Bank of England will increase interest rates once again starting next week.
Despite this, the 0.5 percentage increase may indicate a slight calming period in rate increases following the decision to raise it by 0.75 percentage points last month which signified the highest single increase since 1989. However, it will also be the ninth time in a row that the interest rates have been hiked up.Economists at Deutsche Bank said they expect the increase to 3.5 per cent to happen at the meeting on Thursday, December 15.
Deutsche Bank also suggested that rates could go as high as 4.5 per cent next year, a decrease from the Bank's own prediction of 5.25 per cent which was suggested last month. ING’s James Smith, Antoine Bouvet and Chris Turner said in a note to investors that the rate could peak at 4 per cent next year.
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