It comes after inflation took a surprise leap to 10.4% in February according to data published yesterday
The Bank of England is expected to raise the interest rate for the 11th time in less than 18 months after Wednesday's surprise jump in inflation.
It is due to announce its latest decision at noon as it tries to reconcile the UK's weak economic outlook and an international banking crisis.Any increase in Bank rate would be part of a series of measures to reduce inflation, but would inevitably increase pressure on many people, particularly mortgage holders, already being squeezed by the cost-of-living crisis.
Many economists believed the Bank of England would pause its run of interest rate hikes as inflation appeared on course to ease steadily.Inflation hit a 41-year high at 11.1% in October.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England set to raise interest rates for 11th time in 18 monthsIt comes after inflation took a surprise leap to 10.4% in February according to data published yesterday.
Read more »
Jeremy Hunt insists Bank of England should keep focus on curbing inflation\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Read more »
Supermarket own-label prices double in a year as Bank of England warns against 'greedflation'Cornflakes, mozzarella and French brie - those are some of the own-label products that have seen some of the biggest price hikes in the last year
Read more »
Inflation rise surprised even the Bank of England - and now interest rate hike looks near-certainJust days ago, inflation appeared to be coming down nicely and some were talking down the chances of another interest rate hike. However, February's inflation data shows that the scale of the inflation challenge cannot be underestimated
Read more »
Bank of England to make interest rates announcement this weekBank of England to make interest rates announcement this week - what can we expect
Read more »
Energy bill help drives UK borrowing to February recordThe government borrowed its highest amount of any February to fund support for energy bills.
Read more »