Bank of England expected to raise interest rates for first time in more than three years

Michael Race
Business and economics reporter

Good morning and welcome to the Bank of England in central London.

I’m here to bring you the latest decision on interest rates. The decision will be handed to me and other journalists under embargo before we can report it to the world at midday.

The Bank’s base rate is expected by analysts to rise today to 4%, which would mark the first increase in rates for more than three years. That is due to prices rising due to the conflict in the Middle East sending fuel prices higher.

But no one knows for certain until we get handed the document stating the decision and explaining the reasons behind it.

This rate decision is also a bumper month, as we will be handed another document called the Monetary Policy Report, which sets out the Bank’s wider thinking on inflation and the wider economy in the months ahead.

See you on the other side.