UK central bank could raise borrowing costs by 50 basis points at noon today, for the first time in 27 years, as inflation continues to accelerate
UK interest rates are set by vote, by the nine members of the Bank’s monetary policy committee. Some are keener than others to raise rates sharply.
At the last meeting in June, three MPC members wanted a 50 basis-point rise, but were outvoted by the other six who favoured a smaller, quarter-point increase to 1.25%.
“Let me be quite clear: there are no ifs or buts in our commitment to the 2% inflation target. That’s our job, and that’s what we will do,”
