From 1h ago
07.43 GMT
Introduction: Bank of England to raise rates
today
Good
morning, and welcome to our rolling coverage of business, the world economy,
and the financial markets.
All eyes
are on the Bank of England this morning. The UK central bank is on track for
its biggest interest rate rise in decades, as it tries to get a grip on
stubbornly high inflation.
The BoE is
expected to raise its key rate by three-quarters of a percent, taking Bank Rate
from 2.25% to 3%, the highest since autumn 2008, at one of the most eagerly
anticipated monetary policy meeting for many years.
It would be
the eighth rate hike in a row, driving up borrowing costs even as the country
risks falling into recession.
A 75
basis-point rise would be the biggest rate hike since 1989 (if you exclude the
mayhem on Black Wednesday when rates were briefly hiked skyward from 10% to
12%, in vain).
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