At mid-day today the Bank of England publishes its Quarterly Inflation Report. Because they often use this document to back interest rate changes, this has led to reams of speculation as to whether they might raise rates today. If, as assumed, they will take the Bank Rate to 0.50 from 0.25 per cent this would mean that the interest rate doubles. It also means that they should admit that their post-Brexit referendum cut was unnecessary and wrong. They could of course change rates by on eighth of a per cent, as they did many times in the 1970s.
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