Bank of England set to make interest rate announcement tomorrow

The Bank's Monetary Policy Committee will meet in the morning to decide whether it should increase, decrease, or continue to freeze the base rate. Currently, rates have been frozen at 5.25 per cent and have stayed at the same level for the past few months.

Latest figures released this week state the rate of Consumer Prices Index inflation fell to 2 per cent in May from 2.3 per cent in April. This marks te first time inflation has returned to the 2 per cent mark in nearly three years. Current popular opinion is that the base rate will be held at 5.25 per cent on Thursday. Investec economist Sandra Horsfield said: “Welcome though a return to target inflation would be, the MPC is unlikely to be fully satisfied should the numbers meet our expectations.

She highlighted that it's more likely rates will be reduced in August due to "a pre-election purdah period".

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