Bank of England may be forced to hike interest rates within TWO DAYS after failing to calm markets

The Bank of England may be forced into hiking interest rates within the next two days after failing to calm panicked markets as the Pound tumbles – amid fears the base rate could hit six per cent next year.

Governor Andrew Bailey today issued a statement insisting Threadneedle Street ‘will not hesitate to act’, though did not pull the trigger on an increase that markets had anticipated following Kwasi Kwarteng’s tax-cutting Budget.

But Viraj Patel, a foreign exchange and global macro strategist at Vanda Research, said markets will have been disappointed by the statement, adding that he believes it will last only a day or two before the Bank of England is forced into action.

He tweeted: ‘No action from the BoE based on latest statement… looks like they aren’t doing anything inter-meeting. 

‘This will be a disappointment for $GBP markets. I suspect this statement will last 24-48 hours before something breaks in markets & forces the BoE to act.’

Meanwhile, there are fears that interest…

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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