It now seems certain that the Bank of England will raise short term interest rates by fifty basis points when its Monetary Policy Committee meets next week.

The Bank’s Governor, Andrew Bailey, has spoken recently of prioritizing the Bank's reaction to the various threats to the economy.

In keeping with other G7 Central Banks, the Bank of England sees inflation, whatever its cause, as being the most pressing issue.

Rising energy prices continue to be a significant contributor to the cost-of-living crisis, with the price cap on gas prices set to be increased again in the autumn.

It has been a feature of the cost-of-living crisis that is sweeping the nation that consumers are looking to the Government for assistance, which has traditionally not been the case.

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