Bank set for biggest rate hike in 33 years

THE Bank of England is poised to unveil the biggest hike in interest rates for 33 years next week as the central bank continues its efforts to tame inflation. The key Monetary Policy Committee (MPC) meeting comes amid warnings that spending cuts and tax hikes under new Prime Minister Rishi Sunak could lead to a deeper and more enduring recession. Most economists think that the MPC is likely to raise interest rates by 0.75 percentage points to 3% at the meeting on Thursday November 3.