Are Interest Rates Set to Rise?

It looks that interest rates could quadruple within a year, adding more than £100 a month to a typical mortgage.

Andrew Sentance, of the Bank’s MPC's views have been highlighted in many National Papers.

Mr Sentance added that the ‘balance of opinion’ was moving in favour of an increase in rates; this would be the first since March 2009.

Some forecasters have said that rates would be somewhere around about 2 per cent next year.