Related topic: Bank of England

Markets have priced in a rise to 4% later this year and two further increases in 2027

Today’s figures put a rate hike "into the category of a genuine consideration", with at least one expected this year, industry experts say.

A second round of mortgage rate increases has been made by major banks for the second time since the start of September.

The share of gross mortgage advances with LTV ratios exceeding 90% is at its highest level since 2008.

Pill believes the Committee should be making an "active choice about Bank Rate".

UK economy's June bounceback "emboldens hawks and increases chance of interest rate rise”, industry experts say.

Industry experts have cautioned that today's hold is 'not a signal that rate cuts are back on the table', instead not ruling out a base rate rise before the end of 2026.

The average interest rate on newly drawn mortgages increased to 4.35% in June, from 4.22% in May.

The prospect of higher borrowing costs comes at a time when the majority of households are still struggling with the cost of living.

The Bank of England is expected to maintain its 'wait and see' approach at next week's meeting.