The International Monetary Fund has warned the Bank of England that it cannot wait much longer to raise interest rates.
Inflation is set to hit a 30-year high of 5.5% next year, leading the Washington-based institution to call for a rates hike.
The Bank of England’s monetary policy committee is due to meet tomorrow, but it is expected to keep rates at 0.1% due to uncertainty over how the omicron Covid variant will affect the economy.
The IMF accused rate-setters of “inaction bias”.
