Bank of England To Raise Interest Rates After Pound's Fall

The Bank of England has said it will not hesitate to hike interest rates to curb inflation after the pound fell to a record low against the US dollar. <br />The Bank says it was monitoring developments closely and would make a decision on any action in November. <br />Some UK lenders said that they were halting new mortgage deals. <br />Halifax, the UK's largest mortgage lender, said it would temporarily withdraw all mortgage products that come with a fee due to the market volatility. <br />Virgin Money and Skipton Building Society have also stopped offering mortgage products to new customers. <br />Experts say a rise in the cost of long-term borrowing due to the market turmoil meant the cost to lenders of offering new mortgage deals was too expensive.