The Bank of England is expected to hike interest rates for the fifth consecutive monetary policy meeting on Thursday, as it looks to rein in soaring inflation against a backdrop of slowing growth and a deteriorating currency. At its May meeting, the Bank raised its base rate by 25 basis points to 1%, its highest level for 13 years, but warned that the British economy risks falling into recession. Since then, fresh data has shown that U.K. inflation soared to a 40-year high of 9% annually in April as food and energy prices spiraled, and the country faces a major cost of living crisis. The Bank expects inflation to ... (full story)