A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022.
All but one of 65 economists polled by Reuters in recent days predicted the BoE will raise Bank Rate to 5.5% on Thursday from 5.25%, which would mark its highest level since 2007.
If Bank Rate does peak at 5.5% - from a starting point of 0.1% - it would rank fourth on the list of Britain's biggest tightening cycles of the last century, behind surges that took place in the late 1980s and in the early- and late-1970s.
The European Central Bank also cited a weak economic outlook when it hiked rates last week and signalled that would be its last such move in the current cycle.
Inflation figures for August due on Wednesday are likely to buck the falling trend thanks to rising petrol prices.
Persons:
BoE, Maja Smiejkowska, Andrew Bailey's, Bailey, Benjamin Nabarro, Catherine Mann, Catherine Evans
Organizations:
Bank of England, REUTERS, Reuters, Monetary, European Central Bank, Barclays, Data, MPC, Citi, Thomson
Locations:
London, Britain