A rate hike to 4% has been backed by BoE's Pill. The purpose of this hike is to limit inflation catch-up effects.

Further details on this development are available from FXStreet. The source provides information on the BoE's stance on rate hikes.

The BoE's Pill is in support of increasing rates to 4%, aiming to mitigate the impact of inflation catch-up effects. For more information, readers can refer to the source.