🔴 Chief Bank of England economist signals there will be a significant interest rate rise to come
today signalled he thinks rates will have to go up after the mini-Budget market turmoil has left the housing market in chaos.
Pill, who sits on the Monetary Policy Committee , which sets interest rates, said in response: “It is hard not to draw the conclusion that all this will require a significant monetary policy response.”to interest rates when the MPC meet again on 3 November. Some investors and economists have said the British central bank should hold an emergency meeting now to agree on a big interest rate hike to counter the inflationary impact of the fall in the pound.
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