The Bank of England will raise interest rates today, according to the financial markets.
At noon it is expected to become the first leading central bank to raise the base rate from 0.1% to 0.25% in an effort to control inflation.
Many traders are anticipating a much bigger move, while economists are less sure the Bank of England Monetary Policy Committee will vote for a rate rise.
Traders are currently expecting the MPC to raise its rate to 1.25% by 2023, according to London’s overnight index swap market.
The MPC vote is expected to be close though, with five voting in favour of a rise and four voting to keep interest rates at their historic low.
