The Bank of England will raise its Bank Rate by a quarter-point to 5.25% on August 3, making borrowing the costliest since early 2008, and hike twice more by the year-end as price pressures persist, a Reuters poll showed.
Despite 13 rate rises since December 2021, the BoE is grappling with higher inflation than its peers at nearly four times the 2% target. Economists are more hawkish than they were a few weeks ago and are nearly evenly split on forecasting a final quarter-point move to 5.75%.
Read More : Bank of England Rates Expected to Reach 5.75% According to Reuters Poll