To try to tame inflation, the Bank of England is expected to raise interest rates for a fourth time in a row.LONDON - The Bank of England is on Thursday expected to raise interest rates for a fourth time in a row to contain runaway inflation that is causing a cost-of-living crisis.
It also follows the US Federal Reserve's decision Wednesday to raise interest rates by half a percentage point to contain inflation on the other side of the pond.Prices are soaring as economies reopen from pandemic lockdowns, and in the wake of the Ukraine war that is fuelling already high energy costs.
And the Bank of England has predicted that UK annual inflation could reach double figures by the end of the year. Britons' cost-of-living has soared further in recent weeks following a tax hike on UK workers and businesses in addition to a fresh surge in domestic energy bills.
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