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Stock market news live updates: Stocks sink after inflation soars by most since 1981

Reuters

Bank of England set to raise rates again as inflation heads for 10%

The Bank of England looks set to raise interest rates next week for the fifth time since December, its steepest run of rate hikes in 25 years, and is likely to keep going in the coming months as inflation heads for double digits. While Britain is forecast to have the weakest economy in 2023 among the world’s big, rich nations, investors and most economists are predicting a quarter-point rate hike by the BoE next Thursday. That would take Bank Rate to 1.25%, its highest level since January 2009, when Britain’s economy was holed by the global financial crisis.

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