The Bank of England’s chief economist has said further interest rate increases are needed to curb rising inflation.
Huw Pill warned of further hikes just days after the bank increased the base rate from 0.1% to 0.25%.
Inflation is currently at 5.1%, a rate the bank had previously said it would not reach until April next year.
The bank’s rate-setters have now said they expect inflation to rise to 6% by that time.
Mortgage lenders have said they expect a surge of activity as prospective buyers attempt to beat the increase.
