Following the death of Queen Elizabeth the II the Bank of England (BoE) has delayed this weeks interest rate decision.
The BoE was due to make a rate decision on Thursday 15th of September with the rate expected to be increased to 2.25%.
The Bank will now announce its next move on the 22nd of September, at its standard time of noon.
It is widely expected that the Bank’s Monetary Policy Committee will raise the base interest rate by 0.5%, as it continues its efforts to curb inflation.
Prior to the new Prime Minister’s cap on energy bills inflation had hit 10.1% it is predicted that it could go as high as 18.6% by early next year.
Last week the European Central Bank announced a 0.75% rise to all of its key rates warning that it was likely to increase them again before the end of the year, citing price pressures across the bloc.
