The Bank of England may raise interest rates for the 11th time in a row when its policymakers meet on Thursday, March 23.

Markets expect a 0.5 percentage point increase in the central bank’s base rate to four per cent, its highest level since the 2008 financial crisis.

The Bank’s 11th interest rate rise in a row since it started tightening policy in December 2021 increases the pressure on homeowners and businesses.

After the rate increase expected this week, most economists polled by Reuters envisage one more rate rise — to 4.25 per cent in March. Meanwhile, financial markets price in the tightening cycle ending in the middle of this year at 4.5 per cent.

When is the next interest rates announcement?

The next interest rates announcement will be made on Thursday, March 23.

The Monetary Policy Committee will share its MPC Summary and minutes, including the current interest rates.

The next Monetary Policy Report is due on May 11.

When was the last interest rates announcement?

The last announcement was made on December 15, when the MPC announced that the bank rate was 3.5 per cent, up from 3 per cent.

Will interest rates go up?

Interest rates are expected to increase in 2023.

Since December 2021, the Bank of England has increased its interest rate from 0.1 per cent to 3.5 per cent.

Money to the Market reports that the market predicts that interest rates will rise to as high as 4.8 per cent by July of this year.

Meanwhile, MoneyWeek reports that markets are expecting interest rates to rise to 5.25 per cent.

Capital Economics is predicting that the interest rate will rise to four per cent on Thursday, before reaching a peak of 5 per cent this year.