The cost of living crisis in Britain will have a severe impact on economic growth this year but the Bank of England will still lift interest rates again next week, marking its fourth consecutive meeting of increasing borrowing costs, a Reuters poll found.
Inflation hit a 30-year high last month of 7.0% and the poll suggested it would be higher this quarter, meaning households are facing the biggest cost-of-living squeeze since records began in the 1950s, according to Britain's budget forecasters.
It will be over a year before the crisis eases significantly according to more than half the respondents to another question. Investors are pricing in a decent chance of a 50 basis point rise - a move the Federal Reserve is widely expected to deliver next month and again in June.
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