Interest rates could reach 2% or more in the next year, according to a member of the Bank of England’s rate setting Monetary Policy Committee.
Michael Saunders, who will leave the bank after its meeting next month, said it was not “implausible or unlikely” interest rates would rise by another 0.75 percentage points or more in the next year as the central bank tries to curb inflation, the Times reports.
This would be in line with predictions by financial markets.