UK interest rates to rise this week? A cut would be better advised | Larry Elliott

Weak data has surprised the Bank of England. Not the first time it's misread the economy

The City has had the date ringed in the diary for months. On Thursday the Bank of England is supposed to raise interest rates, taking them above 0.5% for the first time in almost a decade.

It's not going to happen. A deluge of weak data over the past month has surprised the Bank. It has badly misread the economy, and not for the first time.