Yet another Bank of England rate rise looks likely – but this may be the last

Rising unemployment and sluggish economic growth are unlikely to derail Threadneedle Street's drive to curb inflation

The Bank of England is poised this week to raise interest rates for a 15th time in a row as Threadneedle Street's policymakers continue their prolonged battle to tame inflation.

Despite rising unemployment and sluggish growth, the City believes concerns over pay pressures will persuade a majority of the Bank's nine-strong monetary policy committee (MPC) to push up the official cost of borrowing by another 0.25 percentage points to 5.5%.