Bank of England holds rates, predicts inflation rise The Bank of England has revised up its inflation forecasts, predicting it will rise above 4% and that high prices could last until April instead of the end of the year, lifting expectations of a rate rise early in 2022. The Bank’s Monetary Policy Committee (MPC) voted to hold interest rates at 0.1% and to maintain current stimulus measures, but two members are now calling for support to be reined in. Analysts are now predicting that rates will climb to 0.25% as soon as February. A further increase to 0.5% is possible later in the year. Ruth Gregory, of Capital Economics, said: "The MPC is getting closer to raising rates. Our hunch right now is that the second half of the year seems more likely. But the clear risk is that it happens earlier."