Interest rates are set to rise to 1% today, their highest level in 13 years.
The Bank of England is expected to make the move to curb inflation, which hit a 30-year high in March, when its monetary policy committee meets later today.
The prime minister said the country was in a far better state “than we were in the 1980s or 1990s” to cope with the impact.
The Bank of England’s monetary policy committee has raised interest rates at each of its past three meetings in an attempt to rein-in inflation.
The markets have priced in a 0.25 percentage point rise today.
