The governor of the Bank of England, Andrew Bailey, and the rest of the monetary policy committee will hike interest rates 50 basis points this Thursday.

The main reason? Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plunge the UK economy into recession.

Energy prices have been propelled by Russia’s invasion of Ukraine jolting the European gas market, which could lead to a more than 60 per cent rise in the price cap in October.

Ahead of the Bank of England’s rate decision this week, City A.M. asked a selection of wealth managers, financial advisors, brokers and estate agents whether they think rates should be increased, and why?

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