{"id":72796,"date":"2021-10-13T06:28:45","date_gmt":"2021-10-13T06:28:45","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72796"},"modified":"2021-10-13T06:28:47","modified_gmt":"2021-10-13T06:28:47","slug":"bank-of-england-interest-rate-rises","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/bank-of-england-interest-rate-rises\/","title":{"rendered":"Bank of England rate-setter: Brace yourself for interest rate rises very soon"},"content":{"rendered":"\n<p>One of the key rate-setters on the Bank of England&#8217;s Monetary Policy Committee has today said UK households should be primed for an interest rate rise \u201csignificantly sooner\u201d than first thought.<\/p>\n\n\n\n<p>Michael Saunders, the former Citigroup economist turned Threadneedle St wonk, noted that financial markets had already priced in a pending rate rise as economies look to dampen inflation.<\/p>\n\n\n\n<p>Saunders told the Sunday Telegraph: \u201cI\u2019m not in favour of using code words or stating our intentions in advance of the meeting too precisely, the decisions get taken at the proper time. But markets have priced in over the last few months an earlier rise in Bank rate than previously and I think that\u2019s appropriate.\u201d.<\/p>\n\n\n\n<p>It\u2019s a fresh sign that the Bank of England may be the first major central bank to raise rates as the world emerges from the Covid-19 pandemic.<\/p>\n\n\n\n<p>Last month the nine-member Monetary Policy Committee voted unanimously to keep rates at the record low of 0.1 per cent.<\/p>\n\n\n\n<p><em>To find out more about how we can assist you with your <strong>Second Charge Mortgage<\/strong> please <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/contact-us\/\" target=\"_blank\">click here<\/a><\/em><\/p>\n\n\n\n<p>But Saunders and Deputy Governor Dave Ramsden voted to halt the BoE\u2019s government bond purchases ahead of schedule.<\/p>\n\n\n\n<p>Saunders said markets had fully priced in a February rate hike by the British central bank and had half priced in a December increase in borrowing costs.<\/p>\n\n\n\n<p>\u201cI\u2019m not trying to give a commentary on exactly which one, but I think it is appropriate that the markets have moved to pricing a significantly earlier path of tightening than they did previously,\u201d he said.<\/p>\n\n\n\n<p>The comments by Saunders came shortly after Bank of England Governor Andrew Bailey said inflation running above the central bank\u2019s two per cent target was concerning and had to be managed to prevent it from becoming permanently embedded.<\/p>\n\n\n\n<p><em>By Josh Martin<\/em><\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.cityam.com\/bank-of-england-rate-setter-brace-yourself-for-interest-rate-rises-very-soon\/\" target=\"_blank\">Commercial Finance Network<\/a><\/p>\n\n\n\n<p><em>Discover our <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/\" target=\"_blank\"><strong>Second Charge Mortgage Broker<\/strong><\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the key rate-setters on the Bank of England&#8217;s Monetary Policy Committee has today said UK households should be primed for an interest rate rise \u201csignificantly sooner\u201d than first thought. Michael Saunders, the former Citigroup economist turned Threadneedle St wonk, noted that financial markets had already priced in a pending rate rise as economies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2081,2179,2075],"yst_prominent_words":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v14.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of England rate-setter: Brace yourself for interest rate rises very soon<\/title>\n<meta name=\"description\" content=\"One of the key rate-setters on the Bank of England Monetary Policy Committee has today said UK households should be primed for an interest rate rise.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, 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