UK interest rate rise likely as inflation hits 3%

Speculation rife Bank of England may hike interest rate for the first time in a decade as governor Mark Carney predicts prices to rise further The prospect of Britain’s first interest rate increase in more than a decade loomed large on Tuesday after inflation hit its highest level since 2012 and Bank of England governor Mark Carney said it had further to rise.Financial markets are now betting strongly on Threadneedle Street’s monetary policy committee reversing the quarter-point cut