The Bank of England (BoE) Monetary Policy Committee is expected to make the most significant increase in the policy rate since 1989. 

The Bank of England (BoE) Monetary Policy Committee is expected to make the most significant increase in the policy rate since 1989 and raise the interest rate to an unprecedented level since 2008. 

Economists expect the BoE to raise interest rates by 75 basis points and raise the policy rate to 3 percent today. 

If the BoE raises interest rates as expected today, it will have increased rates for the last eight meetings. Last year, the policy rate was at the level of 0.10 percent. 

The Bank of England will also release its long-term inflation forecasts with today’s interest rate decision. 

These forecasts are expected to show that inflation will be much higher next year than the 2 percent target. 

Deutsche Bank analysts predicted that the macroeconomic forecasts to be released by the BoE would show that the economic outlook is getting worse.