Money blog: Direction of UK interest rates likely to become clearer with Bank of England announcement

By Sarah Taaffe-Maguire, business reporterAll eyes will be on the Bank of England at midday when its Monetary Policy Committee announces its latest interest rate decision.They're choosing whether to increase Bank rate and make borrowing more expensive; to keep them at the current 5.25%; or reduce them to make debt, such as credit card or mortgage bills, cheaper.

In August, rates were hiked to their highest level since 2008 after 14 consecutive rises. It was done in an effort to bring down the rate of price rises as official measures showed double digit inflation from September 2022 to March 2023. High energy costs after the invasion of Ukraine made goods across the economy more expensive.

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