Bank of England poised to push interest rates back up to 0.5%

With the economy sluggish, Thursday is expected to bring reversal of emergency action taken following Brexit vote

The Bank of England is poised to raise interest rates this Thursday for the first time in more than a decade, raising the cost of borrowing for British households already hurt by an earnings squeeze.

Threadneedle Street is expected to reverse emergency action taken following the EU referendum, when it cut rates from 0.5% to 0.25% to avert a recession. While a slump has not materialised, the British economy appears in worse health than most other major countries with potential to be blown further off course by faltering talks to leave the EU.