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Faisal Islam: How high will interest rates go?

Image: BBC Business

Interest rates have risen to 4% and the Bank of England has indicated there are more rises to come. The question is how many? There is a split on the rate-setting committee here.

Three of the nine voting members referred to "rises" plural. One member voted for a double increase to 4.25%. Three referred to just one more including governor Andrew Bailey.

My read on this is that the expectation is for one more rise in February. Two and done, but it depends.

It is painful for those on variable mortgages, but should not be seen as the start of a cycle of hikes.

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