Britain’s new prime minister is setting up a policy clash with the Bank of England that economists think will lead to a jump in interest rates before Christmas.
Liz Truss’s plans for generous energy subsidies will boost the economy, lowering measured inflation and helping households maintain their spending levels, but this is likely to force the central bank to raise rates faster to keep inflation under control.
Financial markets are betting that the bank’s official interest rate will rise from the current level of 1.75 per cent to more than 3 per cent in December in a jump designed to shock households and companies.
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