What the Bank of England's interest rate announcement this week means for your finances
The Bank of England is set to announce whether it decided to increase interest rates in the country this week.
Now, there are concerns among econimists that the BoE could raise the Base Rate again, driving it up to its historic peak when they meet on Thursday, May 11. Economists at Oxford Economics said they expect another 0.25 percentage point increase on Thursday.
“In stark contrast to the US, markets are then expecting one further rate hike, possibly two, to be pushed through. The UK’s headline inflation rate is running around twice that in the US, so it’s easy to see why we might have to swallow another few doses of monetary medicine.”
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