Bank of England set for fifth straight rate hike as growth and the pound wobble

From cnbc.com

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)