History and fifty club beckon BOE By Reuters

A look at the day ahead in markets from Alun John

Will the Bank of England make history today by raising rates by 50 basis points? Probably.

Will markets react much to this? Probably not. Over 70% of the 65 respondents to a Reuters poll expect the half-point increase, which is all but priced in by markets.

Still, a half a percentage point rise would feel like a big moment. It would be the biggest single hike since Gordon Brown made the Bank of England independent in 1997, and bring the benchmark rate to 1.75%, its highest level since the start of the global financial crisis.