Agency: Under high inflation, the Bank of England is expected to join the ranks of the Fed to continue raising interest rates

The Bank of England is expected to raise interest rates for the 14th time in a row today, bringing rates to a 15-year high.

There are fears the Bank of England will repeat June’s move to raise interest rates by another 50 basis points as households and businesses remain under heavy pressure, although July data showed inflation fell more than expected, mitigating the risk of an aggressive rate hike by the central bank .

Kallum Pickering, senior economist at Berenberg Bank, said that with inflation still four times the 2% target, the BoE has no choice but to raise rates again and leave the door open for further hikes at its upcoming meeting.