Interest rates expected to rise for first time in over three years

• The Bank of England is expected to raise interest rates for the first time in more than three years, with most analysts predicting a rise from 3.75% to 4%. • The Bank rate has been left unchanged at the last six Monetary Policy Committee meetings after falling from its 2023-24 peak of 5.25%. • Rising inflation, driven primarily by petrol and diesel costs, is expected to push policymakers into a hike that would increase borrowing costs for individuals and businesses but boost savers.