Bank of England expected to hike interest rates

Bank of England expected to hike interest rates

The Bank of England is expected to hike interest rates to their highest level for almost a decade today.

Members of nine-strong Monetary Policy Committee (MPC) are predicted to increase rates from 0.5% to 0.75% in what would mark only the second rise since the financial crisis struck, following last November’s quarter point hike.

The move would see rates reach their highest level since March 2009, when they were slashed from 1% to the emergency low of 0.5% in an effort to contain the fall-out from the financial crisis.

Investec economist George Brown said he is “fairly confident” the Bank will move to raise rates and is pencilling in an 8-1 vote in favour, with Sir Jon Cunliffe the only dissenter.

Chronicle Staff

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