UK homeowners brace themselves for potential rate hike

By PAN PYLAS
Associated Press

LONDON (AP) — British homeowners and borrowers are bracing themselves for an interest rate increase from the Bank of England on Thursday, which would be the first in a Group of Seven industrial nation since the onset of the coronavirus pandemic. Financial markets think the central bank is more likely than not to raise its main interest rate from the record low of 0.1% to 0.25% to rein in inflationary pressures. Even if it doesn’t, there’s an expectation that the bank’s rate-setting Monetary Policy Committee will signal a rate rise soon, potentially at its next meeting just before Christmas.