Bank of England reminds City it’s in charge as it holds rates, but rise could come in just six weeks

Governor Andrew Bailey signalled that rates could rise ‘at any time’ although the Bank’s view is that the current spike in inflation is ‘temporary’. Markets will respond accordingly

The Bank has held off from raising interest rates despite warning over soaring inflation, but said a hike is likely in the ‘coming months’ to cool price rises (PA)

Score one for the economists.

The City’s traders confidently predicted this would be the week the Bank of England’s Monetary Policy Committee (MPC) would act, pricing in a 0.15 percentage point rise in base rates to 0.25 per cent.

Except it didn’t happen.