Bank of England set to raise interest rates for the 10th time in a row
The Bank of England is poised to raise interest rates for the 10th time in a row on Thursday to keep up its fight against rampant inflation, but it might also drop a hint about when the steep climb in borrowing costs will end.
Strikes by public service workers have added to the sense of gloom in an economy still struggling to adjust to Brexit and the coronavirus pandemic. BoE Chief Economist Huw Pill has warned of the risk that price growth will get stuck above the BoE’s 2 per cent target. On Wednesday, the U.S. Federal Reserve slowed the pace of its rate hikes with a quarter-point move but said it expected further increases would be needed.
In the run-up to the BoE’s November meeting, investors were expecting rates to peak at around 5.25 per cent.It is expected to say the economy will contract by less in 2023 than its November forecast of a 1.5 per cent hit. Earlier this week the International Monetary Fund said Britain’s economy would shrink by 0.6 per cent this year.
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