Yet another Bank of England rate rise looks likely – but this may be the last

If the Bank raises interest rates this week, it will be the 15th such increase in a row.
Photograph: Andy Rain/EPA

The Bank of England is poised this week to raise interest rates for a 15th time in a row as Threadneedle Street’s policymakers continue their prolonged battle to tame inflation.

Despite rising unemployment and sluggish growth, the City believes concerns over pay pressures will persuade a majority of the Bank’s nine-strong monetary policy committee (MPC) to push up the official cost of borrowing by another 0.25 percentage points to 5.5%.