Interest rates likely to jump as markets await Bank of England decision

Analysts believe a 0.75 percentage point rise is likely, potentially the biggest hike in the base rate since 1989

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Mortgage rates are expected to jump on Thursday in response to the largest increase in the Bank of England's base rate since 1989, as the central bank tries to bring down an inflation rate expected to remain in double figures until at least next spring.

Marking the eighth consecutive interest rate rise, the Bank of England is expected to push the base interest rate up by 0.75 percentage points to 3% after what is likely to be a tense meeting of the monetary policy committee (MPC).