Bank of England set for bumper interest rate hike - EVENING STANDARD
The decision to hike interest rates is a bid to keep inflation under control. It is the best tool that the Bank of England has to steer inflation – currently at 9.9% – back to its 2% target.
But the decisions will also have major impacts on people’s finances, not least those with mortgages who will need to start paying more for their home loans.
The MPC was originally set to announce its decision on September 15, but delayed this for a week due to the Queen’s death.