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%

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!