Bank of England poised to raise interest rates for 10th time in a row

The Bank of England is expected to increase its base rate to 4%, its highest level since the 2008 financial crisis. Photograph: Neil Hall/EPA

The Bank of England is poised to raise interest rates for the 10th time in succession when its policymakers meet this week in a further squeeze on the finances of mortgage holders and businesses.

Financial markets expect a 0.5 percentage point increase in the central bank’s base rate to 4%, its highest level since the 2008 financial crisis. It comes after nine straight rate increases from the Bank’s monetary policy committee (MPC) since December 2021.