Millions of Britons face a double blow to living standards as the Bank of England looks set to announce the biggest interest-rate hike in almost three decades while economists warn inflation could hit an “astronomical” 15 per cent.
A new surge in gas prices means average energy bills are now on course to surpass £3,600 a year by early 2023 giving the Bank a major headache as it tries to tame out of control inflation without pushing the country into a deep recession.
