He explained: “Although the Bank of England was split in its decision to raise interest rates to 3.5 percent, we expect rates to rise further next year in an effort to curb inflation, and our prediction has them reaching a high of 4.75 percent.
“Despite a small dip in the rate of inflation in November, we don’t think we’ve seen the short-term peak and expect inflation to reach 12 percent in the new year, which would eclipse anything we’ve seen in 2022.”
Some high street banks have passed on the interest rate increases to their customers, such as Nationwide Building Society, Chase and Yorkshire Building Society.
But savers should be aware that with soaring prices for energy bills and other essentials, the value of their savings may be decreasing.
Some high street banks have passed on the interest rate increases to their customers, such as Nationwide Building Society, Chase and Yorkshire Building Society.