Interest rates could rise to 5.75% as soon as next week. Daily Telegraph. Financial Times

The most dovish member of the Bank of England’s Monetary Policy Committee, David Blanchflower, who until last month was a proponent of lower borrowing costs, said inflation was likely to remain high for some time.

In a speech in London yesterday, he said: 'It is difficult to interpret what the data are telling us about future inflationary pressures at present, although they do seem to point to an upside risk.'