UK interest rate rise predicted as cost of living crisis deepens

Bank of England to vote on potential rate change while inflation soars to 30-year high

Britons are braced for the Bank of England to increase interest rates on Thursday as the central bank seeks to tackle price pressures that have pushed annual inflation to a 30-year high of 5.4%.

Most City economists said the majority of members on the Bank's rate-setting committee would increase the base rate from 0.25% to 0.5%, with the likelihood that at least two more increases would follow during 2022.