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As cost of food and fuel soars, is there an appetite to raise UK interest rates?
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Things are moving fast for the British economy. Inflation has soared to the highest level in a decade, breaching 5% months earlier than expected. The headline figure masks much steeper rises for everyday items – the cost of apples and pears is up 25% in a year.
Meanwhile, consumer confidence is evaporating as the coronavirus Omicron variant spreads through the population with unprecedented pace.
Both will be front of mind for the Bank of England on Thursday as it weighs up whether to raise interest rates in the week before Christmas. With the economy appearing to blow hot and cold, and the outlook shifting by the day, it could be the toughest call in the rate-setting monetary policy committee’s 24-year history.
Official figures for November
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