The Bank of England Monetary Policy Committee (MPC) will meet today at 11:00 GMT+0. It is expected that interest rates will increase by 0.25% to 0.5%.

At the last meeting in September, the bank voted by 7-2 in favour of keeping its interest rate at 0.25%.

The MPC’s statement was more hawkish, giving hopes for a rise in interest rates in November which caused the value of the pound to rise 1.4% before falling back.

Following further hawkish noises from governor Mark Carney, it is thought that there is enough support for the committee to hike interest rates. This would confirm economists’ previous position that there would be a rate hike before the end of the year.

Volatility can be expected, particularly if the MPC votes to maintain rates, which would surprise the markets.

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