{"id":72862,"date":"2021-12-09T10:12:37","date_gmt":"2021-12-09T10:12:37","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72862"},"modified":"2021-12-09T10:12:41","modified_gmt":"2021-12-09T10:12:41","slug":"bank-of-england-provides-further-support-for-interest-rate-hike","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/bank-of-england-provides-further-support-for-interest-rate-hike\/","title":{"rendered":"BoE provides further support for interest rate hike"},"content":{"rendered":"\n<p>Ben Broadbent, the monetary policy chief for The Bank of England has said that inflation is likely to soar above 5% in the first half of next year. With forecasts comfortably above the BoE\u2019s 2% inflation target, it is expected that interest rates will be hiked early in 2022. Despite the positive sentiment, GBP has found little support amongst its piers, continuing its downward trend against USD and struggling to break out of the 1.17 channel against EUR. Broadbent has indicated the Bank of England believes this accelerated inflation in the cost of goods has come as a result of short-term global supply chain squeeze and is likely to reverse slightly into next year as conditions improve.<\/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>Some analysts and market makers are suffering from what could be coined interest rate \u201ccold feet\u201d. Market expectations have changed dramatically over the past 6 months, with forecasts placing a hike before the end of the year now being shunted towards the back end of Q1 2022. These continual shifts can create a \u201cboy who cried wolf\u201d scenario, producing a difficult landscape for GBP to find it\u2019s much needed support. COVID-19 uncertainty is also playing a part \u2013 the rise of the new Omicron variant can put a dampener on economic policy change, with the UK Government needing fully understand the potential fallout prior to committing to a hike.<\/p>\n\n\n\n<p><em>By NIKI SEHMBI<\/em><\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.worldfirst.com\/uk\/blog\/economic-updates\/boe-provides-further-support-for-interest-rate-hike\/\" target=\"_blank\">World First<\/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>Ben Broadbent, the monetary policy chief for The Bank of England has said that inflation is likely to soar above 5% in the first half of next year. With forecasts comfortably above the BoE\u2019s 2% inflation target, it is expected that interest rates will be hiked early in 2022. Despite the positive sentiment, GBP has [&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":[2081,2126,2179],"yst_prominent_words":[488,1616,477,1266,129,102,33,1372,485,553],"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 provides further support for interest rate hike<\/title>\n<meta name=\"description\" content=\"Ben Broadbent, the monetary policy chief for The Bank of England has said that inflation is likely to soar above 5% in the first half of next year.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, 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