City AM Shadow MPC urges Bank of England to hike interest rates

City AM's Shadow Monetary Policy Committee, comprising leading economists from academia and industry, has urged the Bank of England to increase interest rates this Thursday. This move is intended to protect credibility and prevent inflation from spiralling out of control. However, millions of households are already experiencing financial pressure due to rising energy bills, car fuel costs, and higher mortgage rates, meaning they now face a further squeeze as these interest rate hikes appear imminent.