Bank of England to raise rates again in February as inflation surges

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The Bank of England will press ahead with its tightening cycle next month as red-hot inflation runs well ahead of target and the economic threat from the Omicron coronavirus variant should prove milder than previous mutations, a Reuters poll found.

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to increase interest rates since the coronavirus pandemic began, surprising markets and many economists who had expected a delay.

Median inflation forecasts for this quarter and next jumped to 5.2% and 5.5% in the latest poll, which was released on Friday, from 4.7% and 4.6% in the one released in December. British consumers face the added headache of an estimated 50% increase in energy costs in April alongside an increase in social security contributions.

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