The Bank of England is expected to raise interest rates to a 15-year high of 5.25% from 5% on Thursday, though there is a risk of a repeat of June's surprise half-point increase as inflation remains the highest of the world's major economies.
Britain's job market
Swati Dhingra is likely to be the only Monetary Policy Committee member to vote for a pause in rate hikes, pointing to weak producer price inflation which fell to 0.1% in June, its lowest since December 2020 and down from nearly 20% last July. "The main winners are banks, whose profits have flourished thanks to higher rates," said Fran Boait, co-executive director of campaign group Positive Money.
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