18 of 30 economists surveyed by Reuters said that they expect the Bank of England (BoE) to hike its policy rate by 75 basis points at the next policy meeting on November 3. The remaining 12 economists expect a bigger rate increase.

The BoE is projected to reach the upper limit of its policy rate at 4.25% in the first quarter of 2023, the same as the September 30 poll, Reuters further noted.

Market reaction

Thie headline failed to trigger a noticeable market reaction. As of writing, the GBP/USD pair was up 0.43% on the day at 1.1323.