UK Wage Growth Sparks Interest Rate Speculation

UK wages have risen at their fastest rate in 20 years, excluding the pandemic, raising expectations that UK interest rates will have to rise. The Bank of England has warned big pay rises are contributing to the UK's still-high rates of inflation. Higher interest rates may be good for savers, but are driving up repayment costs for millions of mortgage holders. Fears the Bank of England will raise interest rates higher than previously thought - from their current 4.5% to as high as 5.5% - have been causing turbulence in the mortgage market.