The Bank of England’s new chief economist has warned that UK inflation is likely to hit or surpass 5% by early next year.

Huw Pill told the Financial Times that the Bank would have a “live” decision to make at its next interest rate-setting meeting on 4th November.

It follows recent comments from Bank of England governor Andrew Bailey who said it “will have to act” on inflation.

The UK interest rate has been at a historic low of 0.1% since March 2020.

Click on the image below to find out more.