The Bank of England is widely expected by economists and financial markets to impose the first back-to-back interest rate rises since 2004 when it meets to decide monetary policy this week.
With the central bank grappling with rampant inflation, BoE officials have not sought to quell speculation ahead of Thursday’s Monetary Policy Committee meeting that a rate rise is almost a certainty following the increase from 0.1 per cent to 0.25 per cent approved by the MPC in December. That was the first rate rise in more than three years.
In money markets, the probability of a rate rise this week to 0.5 per cent is priced at almost 90 per cent, and the majority of economists concur.
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