Financial markets and economists have priced in another rate rise today and their focus will be on the Bank's updated forecasts for signs that a pause lies ahead.
The Bank is mindful of the impact its actions are imposing on millions of households that are already struggling under the weight of meaty bills.
With that in mind, the remarks contained in the minutes of the Bank's meeting and wider monetary policy report, all released at midday, will be crucial to understanding the likely way forward for borrowing costs. The Bank is formally expected to raise its forecasts for economic growth as its staff no longer expect a recession this year but the outlook for Bank rate is a bit more clouded as inflation has proved more stubborn to bring down.
Bank governor Andrew Bailey's comments to reporters will be especially closely watched for signs the rate-setting committee is edging towards a pause in its rate hikes.Andrew Hagger, personal finance expert at Moneycomms.co.uk, said:"Consumers and businesses will be praying that this is the last rate hike.... they will have their fingers crossed that inflation numbers will fall sharply before the next MPC rate decision on 22nd June.
"Savers may be enjoying the best returns on cash savings for more than a decade but those with borrowing have been pushed to the brink by the financial impact of a dozen consecutive rate hikes."
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