It is expected the Bank of England will raise interest rates by 0.75 percentage points later today
In a crunch meeting, the nine members of the Monetary Policy Committee will make a decision that could push up the amount that millions of mortgage holders have to pay their banks every month.
It will also be the eighth time in a row that the Bank hikes interest rates. Less than a year ago the rate was 0.1%.Earlier this month, markets had predicted the interest rate increase could be as much as one percentage point but sentiment has calmed somewhat after the change of Chancellor and Prime Minister and Bank of England bond purchases pushed down on the cost of borrowing.
He said on October 15: "As things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August." They added: "Conditioned on market pricing, the UK economy will likely fall into a deeper and more prolonged recession."
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