Related topic: Inflation

UK inflation held steady at 3.8% in September, according to the latest figures from the Office for National Statistics (ONS), defying forecasts of a slight uptick to 4%. 

Holding policy too tight for too long comes with costs to output and employment, which could then pull inflation below target, Breeden says.

Industry experts are now unsure whether another rate cut will come before the end of the year.

Typical mortgage payments have climbed by nearly half in the last five years. 

Industry experts are now divided on whether there will be a further cut to Bank Rate before the end of the year.

Rising inflation is also dampening the chances of another Bank Rate cut this year.

Mann says she stands ready for "forceful policy action" in the future.

The increase is likely to cause more pensioners to be liable for income tax given.

Industry experts are now split on when the Bank of England will next cut interest rates.

CPI inflation is now nearly double the Bank’s 2% target.