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U.K. Gears Up to Raise Rates, Setting Pace for Major Central Banks
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LONDON—The Bank of England said it expects to raise borrowing costs soon, moving ahead of the Federal Reserve and other major central banks in withdrawing stimulus to tame inflation.
The U.K.’s central bank held interest rates steady Thursday, but said it expects to nudge up its main interest rate “in the coming months” to bring annual inflation back to its 2% goal. Inflation was 3.1% in September. Investors and economists believe a rate rise is possible at the panel’s next meeting in December or at its first decision of 2022 in February.
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