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IMF tells Bank of England it needs to raise interest rates

The International Monetary Fund has warned the Bank of England that it cannot wait much longer to raise interest rates.

Inflation is set to hit a 30-year high of 5.5% next year, leading the Washington-based institution to call for a rates hike.

The Bank of England’s monetary policy committee is due to meet tomorrow, but it is expected to keep rates at 0.1% due to uncertainty over how the omicron Covid variant will affect the economy.

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