Bank of England Continues Interest Rate Hike Streak Amid Inflation Concerns

The Bank of England is expected to raise interest rates for the 12th consecutive meeting on Thursday, as it tries to tackle stubbornly high inflation that stands at double the level of the United States and much higher than in the euro zone too. Investors are fully pricing in another quarter-of-a-percentage point increase in Bank Rate, taking the BoE's benchmark rate to 4.5%, when the Monetary Policy Committee (MPC) announces the outcome of its May policy meeting. The central bank is also likely to increase its inflation forecasts.