The Bank of England is widely expected to raise interest rates again on Thursday and more hikes are firmly on the cards as policymakers battle to cool soaring inflation.
Members of the nine-strong Monetary Policy Committee (MPC) are set to increase rates from 0.25% to 0.5% as the Bank’s quarterly set of forecasts are likely to show eye-watering inflation this spring.
It would mark the Bank’s first back-to-back increase since June 2004, coming after it lifted rates from 0.1% to 0.25% in December to try to rein in rampant inflation.
