 said the Bank should wait for previous interest rate rises to take effect before raising rates further. ''It will take some time for previous rate rises and falling global commodity prices to feed into lower inflation. "Further rate rises are unnecessary and could do some economic damage without lowering inflation any faster. The UK economy is on the precipice of a sharper slowdown," said Trevor Williams, a member of IEA and former chief economist at Lloyds Bank. Andrew Bailey, the Bank of England's governor, has previously denied the Bank has been trying to cause a recession - which is){kind=link}
Interest rates are expected to rise for the 14th time in row as the Bank of England continues its battle to control stubbornly high price rises.
Most economists have predicted the Bank will increase its base rate to 5.25% from its current 5% later on Thursday.
That would mean higher interest rates on mortgages and loans for some people, but also higher savings rates.
UK inflation, the rate at which prices rise, is much higher than usual and putting households under pressure.
The last time interest rates stood at 5.25% was 15 years ago in April 2008. However, a rise to 5.25% would mark a smaller increase than July’s dramatic rise to 5% from 4.5% and follows signs that price rises have begun to ease.