The Bank of England is set to make the biggest hike in interest rates for 27 years to 1.75 per cent – amid warnings that inflation could hit 15 per cent at the start of next year.
The Bank of England’s Monetary Policy Committee (MPC) may raise interest rates by half a per cent up from 1.25 per cent as part of aims to bring inflation back under control.
Previous predictions have forecast that Consumer Prices Index inflation would peak at around 11 per cent this autumn, before then falling back.
But the Resolution Foundation think tank has today warned that further financial misery may come.
