Interest rates unlikely to rise above 5%, says Bank of England official

Ben Broadbent says increase already priced into markets would deliver ‘pretty material’ hit to economy

Business news – live updates

Interest rates set by the Bank of England are unlikely to rise above 5% as markets previously expected, a senior official has suggested, saying the hit to the economy from such a steep increase would be damaging.

One of the Bank’s deputy governors, Ben Broadbent, said the rise in rates priced in by markets – from 2.25% now to 5.25% over the coming months – was not a foregone conclusion and would deliver a “pretty material” hit to the economy.

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​Ben Broadbent says increase already priced into markets would deliver ‘pretty material’ hit to economyBusiness news – live updatesInterest rates set by the Bank of England are unlikely to rise above 5% as markets previously expected, a senior official has suggested, saying the hit to the economy from such a steep increase would be damaging.One of the Bank’s deputy governors, Ben Broadbent, said the rise in rates priced in by markets – from 2.25% now to 5.25% over the coming months – was not a foregone conclusion and would deliver a “pretty material” hit to the economy. Continue reading…