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The Guardian view on the economy: a mess the Bank is making worse

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Here is a conundrum. At noon on Thursday, the Bank of England will most likely increase interest rates for the sixth time in a row.

Analysts are generally expecting a rise of a half of a percentage point– the biggest single hike since before the Bank was made independent, when monetary policy was ultimately the responsibility of a chancellor called Ken Clarke.Yet this week’s rate rise is not intended to cool an overheating economy – far from it.

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