Bank of England expected to raise interest rates for 12th time in a row

The Independent 2023-05-11

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UK interest rates are expected to rise further this week as inflation remains stubbornly high, economists have said.

Experts and the financial markets widely expect the base rate to rise from 4.25 per cent to 4.5 per cent on Thursday 11 May, representing a 0.25 percentage point increase.

It would be the 12th time in a row that policymakers at the Bank of England have raised rates, making it even more expensive to borrow and pushing banks to lift savings rates.

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