Bank of England expected to raise interest rates for first time in three years today – business live

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Deutsche Bank analysts predict the Bank of England’s monetary policy committee will split 6-3 in today’s vote, with a majority voting for a rate hike to 4%.

[The committee is split between hawks (who want higher rates to fight inflation), and doves (who fear higher rates will hurt economic growth).]

We expect the Bank of England’s patience to have run out with the unfolding energy shock. Stronger growth has led to a stabilising labour market. Excess capacity may be less than previously thought.