During their following meeting on February 2, 2022, a majority vote saw it increased by another 0.25 percent to 0.5 percent.
The MPC has another meeting coming up this week on March 17, when they will decide whether to raise it again.
Neil Debenham, a career entrepreneur, corporate consultant and CEO of the Fintrex consultancy, told Express.co.uk it is “expected” the bank will hike the rates once again.
He cited recent world events and their knock-on effect on energy prices as the primary aggravating factors.