An announcement on interest rates is due to be made on Thursday
Markets think the Bank of England will unveil the biggest hike in interest rates for over three decades when its decision makers gather for a delayed meeting. The Monetary Policy Committee is expected to increase rates by 0.75 percentage points to 2.5% - it would be the highest interest rate that the UK has had since the financial crisis.
"In addition, Governor Bailey openly referred to a 50bp hike ahead of the August meeting, but has not given markets a nudge to price-in a 75bp hike. "We narrowly favour a 50bp hike on Thursday, taking the Bank Rate to 2.25%, although 75bp is clearly on the table and we would expect at least a couple of policymakers to vote for it."
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