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Interest rates could rise again this week

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Three members of the “shadow” monetary policy committee believe the Bank of England should raise the Ban Base Rate again this week, from 4.75% to 5%.

The shadow MPC, which meets under the auspices of the Institute of Economic Affairs, anticipated last month’s increase, which took the City by surprise.

It voted 5-4 for a rise in rates ahead of that increase from 4.5% to 4.75%. The last time it voted for a change – a cut – came ahead of the Bank’s reduction in rates in August last year.

The revelation that three of its nine members support successive rate increases, and three more are in favour of tightening monetary policy, may increase wider expectations of a rate rise announcement on Thursday.

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