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Bank of England hints at earlier and larger rate rises

Cheshire & Warrington News

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The Bank of England has indicated that the pace of interest rate increases could accelerate if the economy remains on its current track.

Bank policymakers voted unanimously to keep interest rates on hold at 0.5% at their latest meeting.

However, they said rates would need to rise “earlier” and by a “somewhat greater extent” than they thought at their last review in November.

Economists think the next rate rise could come as soon as May.

The value of the pound initially jumped almost 1% against the dollar, but fell back to about 0.5%.

Higher interest rates have an important effect on households and the economy.

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