Bank of England: Further interest rate hikes likely

The Bank of England will likely need to raise interest rates again next month and once more in early 2027 to combat rising inflation, its chief economist, Huw Pill, said. According to reports from the Guardian and other outlets, the move is intended to curb inflationary pressure in the UK. This follows the Bank's decision to nudge rates from 3.75% to 4% earlier this month, a step Pill described as significant but insufficient. The anticipated rate hike signals higher mortgage costs for an estimated 2.3 million homeowners expected to refinance their loans next year. Further details have not yet been released.