BoE under increasing pressure as UK inflation hits ten-year high

Decision expected on Thursday

The UK’s latest inflation figures have added further pressure on the already embattled Bank of England over a decision on interest rates, as experts warn the “peak is yet to come”.

As UK inflation hit 5.1% in November - its highest point since September 2011 - the BoE is expected to take "cautious" steps on its interest rate decision at the Monetary Policy Committee meeting due to be held on Thursday (16 December). Before the Office for National Statistics published the latest UK inflation data, the Bank was already facing calls from the International Monetary Fund to overcome its "inaction" on interest rates. Meanwhile, consumers are feeling the squeeze. The surge in the UK's Consumer Price Index was said to be driven by clothing and transport, which contribute...