The Bank of England is likely to announce its biggest interest rate increase in more than 27 years on Thursday as it seeks to rein in accelerating inflation driven by the fallout from Russia’s invasion of Ukraine.
Most economists expect the bank’s monetary policy committee to approve a half-percentage point increase after Gov. Andrew Bailey said two weeks ago that the United Kingdom's central bank would “act forcefully” if the inflation picture worsened. That would push the bank’s key interest rate to 1.75%, the highest since the depths of the global financial crisis in December 2008.
