“Our hope is that the Bank of England will restrict its actions to a modest hike"

Riz Malik, director at R3 Mortgages: 

"The persistent 8.7% CPI inflation, coupled with rising core inflation, was certainly not the news we hoped for — it almost certainly signals an impending increase in the base rate tomorrow.

“Our hope is that the Bank of England will restrict its actions to a modest hike, preferably no more than 25 basis points given this data. This is not the data the mortgage market needs."