Bank of England set for ‘further interest rate hikes’ as businesses boost jobs

The Bank of England is likely to raise interest rates several times in the coming months after businesses increased their headcount for the first time in over two years, analysts have predicted.  Survey figures released by S P Global, which are closely monitored by government officials and central bankers, showed stronger activity across services firms. The dominant sector posted the fastest level of growth since February while greater demand and increased order books, including on AI, supported businesses. The purchasing managers’ index reading rose to 52.8 in October from 52.1 in the month before. Any reading above 50 denotes a rise in activity. The overall PMI for the UK’s private sector, which also accounts for manufacturing, in October was 52.9. Researchers also said that the business staff figures edged into growth territory for the first time in 25 months after managers had brutally slashed headcount due to higher taxes and salary costs over the last two years.