UK recession ‘looking increasingly likely’ as rate of inflation could hit 10 percent | Personal Finance | Finance
He added: “Going forward, the Bank of England’s plans to tackle inflation are more ambiguous.
“While the current consensus amongst Monetary Policy Committee members indicate that further hikes are inevitable in the immediate future, with markets pricing in a 100 percent chance of a 25 basis point rate hike for June’s BoE meeting, the future looks more uncertain.
“Chances are, the Bank of England will hike rates once or twice more this year to control inflation unless growth is jeopardised, at which point it will likely press pause on rate hikes.
“As higher rates place downwards pressure on growth and U.K. households continue to grapple with significant cost burdens, make no mistake, the Bank of England faces some very difficult tests in the months to come.”
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