Bank of England likely to ignore calls for rate rise restraint despite inflation fall

The Bank of England’s monetary policy committee will make a decision on UK interest rates on Thursday. Photograph: Maureen McLean/Shutterstock

The UK’s headline inflation rate has come in lower than expected at 6.7% but it still seems highly probable that the Bank of England will raise interest rates yet again on Thursday.

Not for the first time, central bank policymakers could end up disregarding the warnings from business groups and economists about the long-lasting damage that further fiscal tightening poses to an already weakened economy.