BoE Set to Raise Interest Rates

The Bank of England is set to raise interest rates for the first time in a decade to combat rising inflation, according to economists. They believe that members of the Bank’s Monetary Policy Committee will vote 6-3 in favor of lifting the base rate from 0.25 to 0.5%, Yahoo reported. However, with inflation climbing to 3%, well above the MPC’s 2% target, the market believes that rates will be hiked on Thursday, the first in a series of slow, gradual increases.