UK homeowners brace for potential interest rate hike

By PAN PYLAS
Associated Press

LONDON (AP) — British homeowners and borrowers are bracing for a possible interest rate increase from the Bank of England. If the central bank makes that move Thursday, it would be the first by the world’s leading industrial nations since the onset of the coronavirus pandemic. Financial markets think the 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 surging consumer prices. 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.