Bank of England set to raise interest rates following leap in inflation
The Bank is set to announce its decision on interest rates at midday on Thursday, with financial markets expecting a 0.25 per cent increase to 4.25 per cent.
A move to increase interest rates once again would be an attempt by the Bank of England to reduce inflation, though could have an adverse effect on mortgage holders. Bank of England governor Andrew Bailey previously told the Treasury Committee he expects inflation to fall quickly in 2023, following record-high inflation in 2022.rose from 10.1 per cent to 10.4 per cent in February, the Office for National Statistics revealed on Wednesday.Reacting to the increase, Chancellor Jeremy Hunt said "falling inflation isn't inevitable" and that the government would stick to its plan of halving inflation this year.
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