Chief economist says it won’t act until November, but monetary response will be “significant”
The Bank of England says it “will not hesitate” to put up interest rates
Base rate is now at its highest level since the financial crisis of 2008
Real estate accounted for some of the session’s sharpest falls
The World Bank has warned of the cumulative impact of national interest rate rises
Economists are betting on a 75bps hike when the Bank of England’s MPC meets next week
Catherine Mann says bank must act “more forcefully now”
The predicted rise would take the base rate to its highest level in 27 years
Inflation will surge above 13% says bank as it hikes interest rate to 1.75%
Some economists say the unprecedented hike is needed to tame soaring inflation
Markets have priced in a rise to 1.75% when the MPC meets on Thursday
The Bank of England’s monetary policy committee will meet on 4 August