Bank of England interest rates announcement LIVE as rates rise to 5%

Professor of Global Economy and Deputy Dean of Cranfield School of Management, Joe Nellis, says:

So far, the resilience of British consumers, who have been forced to raid their savings and change their spending habits, has only resulted in modest growth. But the big question for the Government and the Bank of England is how much more can the public take? The research found that the average additional monthly cost of a potential 0.25 percentage base rate hike would be £23 in the North West of England. In London, the figure would be £61.PM Rishi Sunak is due to speak after the rates announcement at an economy-focused PM Connect event in the south-east of England.

The figures are a slight improvement on those found by a similar poll in May, when 81 per cent of people said they expected the cost of food would increase, but they continue to suggest significant negativity about the state of the economy.Financial markets are expecting interest rates to rise by 0.25 percentage points to 4.75%. But there is a 40% chance that the rate could be pushed up even higher, by 0.5 percentage points to 5%.

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