The Bank of England will today return interest rates to their pre-pandemic level as policymakers step up efforts to tackle inflation.
A 0.25% rise in the base rate to 0.75% seems the most likely outcome of today’s meeting, although with inflation forecast to top 8% a half point increase remains possible. It will be the third time since December that the monetary policy committee has hiked rates.
The decision comes a day after the US Federal Reserve raised rates for the first time since December 2018 and said it could do the same at all six of its meetings this year.
