2 Feb 2022 , 02:05 PM
UK Households Brace For Imminent Interest Rate Hikes In Early 2022 UK households are bracing for an imminent rate hike, according to the latest representative survey of 1,500 UK households compiled by IHS Markit. Nearly half (49%) of UK households surveyed expect interest rates to rise in the next three months, the highest proportion since data collection began in July 2013, while just 6% of those surveyed in January predict a cut to interest rates at some time, down from 7% in December. The resulting net balance, at +43% in January, was up from +36% in December and the highest on record, signalling that households are braced for another increase in the base interest rate. Households are therefore expecting the Bank of England to act further to temper surging inflationary pressures following the surprise move by the central bank to increase the base rate in the final month of last year. Moreover, households views appear consistant with the latest market implied number of 25 basis-point hikes, with markets having already priced in a further rate rise at the next Monetary Policy Comitttee (MPC) meeting, with the decision set to be published at noon on Thursday 3rd February 2022
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