Rishi Sunak will join forces with the Bank of England on Thursday in an attempt to put the brakes on inflation, as he sets out plans to stop soaring energy bills causing a “cost of living catastrophe”.
The chancellor will announce plans to slash hundreds of pounds from soaring domestic energy bills from April, seeking to control prices at a time when inflation had been expected to peak at close to 7 per cent.
Meanwhile Andrew Bailey, BoE governor, is predicted to announce a rise in interest rates from 0.25 per cent to 0.5 per cent, confirming that fiscal and monetary firepower are both being deployed to hold down prices.
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