The Bank of England looks on track to raise interest rates by three quarters of a percentage point to 3% later on Thursday, its biggest rate rise since 1989 as it battles the highest inflation in 40 years. The BoE has faced political and financial market turmoil since its last rate rise on Sept. 22, a day before former Prime Minister Liz Truss's government launched an unfunded 45 billion-pound ($52 billion) package of tax cuts. The policy was aimed at staving off recession and spurring long-term growth - but instead it pushed sterling to a record low against the U.S. dollar, forced the BoE to prop up the bond market ... (full story)