The Bank of England is expected to raise the interest rate for the 11th time in less than 18 months after Wednesday’s surprise jump in inflation.
The Bank of England will make an announcement at noon today
Any increase in Bank Rate would be part of a series of measures to reduce inflation, but would inevitably increase pressure on many people, particularly mortgage holders, already being squeezed by the cost-of-living crisis. He said: ‘Assuming the broader inflation data continues to point to an easing in pipeline pressures, then we suspect the committee will be comfortable with pausing by the time of the next meeting in May.’
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