Commenting ahead of the base rate decision, David Robinson, co-founder at Wildcat Law, said: “For Threadneedle Street, it’s a case of ‘damned if you do, damned if you don’t.
“Interest rate rises are needed to bolster Sterling versus the Dollar. This is critical to bringing down imported inflation, which is hitting everyone’s wallet at the moment.
“However, an interest rate rise at a time when we have one of the weakest economies in the developed world is a hefty gamble that will result in many individuals and businesses being forced into insolvency.
“The flip side is that it may be the lesser of two evils, as if they don’t raise rates then Sterling will slide against the Dollar again.”
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