Rolling coverage of the latest economic and financial news
- Gas prices climb again
- UK house prices at fresh record
- Economists say Bank of England more likely to hike in December
- But not certain, after November’s surprise ‘no change’
- CPI inflation at 10-year high of 4.2% as cost of living squeeze intensifies
- Electricity surges 18.8% year/year; gas up 28%, petrol at nine-year high
- Levelling up? If anything, things are getting worse for the lowest paid in the UK
Coupled with the strong employment data yesterday, the case for the Bank of England to act now and raise interest rates is “compelling”, argues Neil Wilson, analyst at Markets.com.
But he also says the Bank may well resist lifting borrowing costs from record lows at its 16th December meeting, for three reasons: