The Bank of England is the UK's central bank.

Will their base rate (also known as the official bank rate) be set at or above 5% at any point during 2023?

The Bank of England is scheduled to set rates at the following meetings during 2023:

2nd February - rate raised from 3.5% to 4%

23rd March - rate raised from 4% to 4.25%

11th May - rate raised from 4.25% to 4.5%

22nd June

3rd August

21st September

2nd November

14th December

The bank may also call an emergency meeting or change rates between meetings, though they try very hard to avoid doing this to ensure confidence and stability!