A further price hike is looming as acute BOE inflation grips the UK economy

The Bank of England is anticipated to raise interest prices for the 15th time in a row on Thursday, bringing them to five.five%. Industry expectations point to a 70% probability of a 25 basis point hike, but this is most likely to be the final hike in the close to term. Although it is extensively believed that the central bank will adopt a 1-and-completed strategy, there is some uncertainty surrounding this assumption. The Monetary Policy Committee could potentially determine to pause, as they may perhaps really feel that adequate tightening has currently been implemented. Governor Andrew Bailey and Chief Economist Hugh Peel recommended prices had been close to peaking, working with the metaphor of “Table Mountain”. On the other hand, Catherine Mann, the most hawkish member of the committee, supports additional tightening of the policy, even though the most dovish member, Swati Dhingra, argues that the existing policy is currently restrictive adequate.