Bank of England to hold rates

THE Bank of England is expected to leave interest rates on hold this week after it raised the cost of borrowing last month for the first time in two years.

Economists predict that the Bank’s Monetary Policy Committee (MPC) will peg rates at 4.75% at the end of its monthly two-day meeting on Thursday.

It followed the surprise hike in August as the MPC tried to curb rising inflation on the back of higher gas and electricity bills.