Interest rates could rise by an unprecedented 0.5 percentage points when the Bank of England’s rate-setting committee meets today.
The Monetary Policy Committee is expected to announce the largest interest rate rise in 27 years, with economists predicting an increase to between 1.5% and 2%.
If the 50 basis points rise is chosen – and many economists say this is necessary to stem rising inflation – it will be the biggest hike since the bank became independent in 1997.
