The Bank of England is expected to raise interest rates for the 15th consecutive time on Thursday, bringing them to 5.5%. Market expectations indicate a 70% likelihood of a 25 basis-point increase, but this is likely to be the last hike in the near future. While it is widely believed that the central bank will adopt a “one and done” approach, there is some uncertainty surrounding this assumption. The Monetary Policy Committee could potentially decide to pause, as they may feel that enough tightening has already been implemented. Governor Andrew Bailey and Chief Economist Huw Pill have suggested that rates are close to reaching their peak, using the metaphor of “Table Mountain”. On the other hand, Catherine Mann, the most hawkish committee member, supports tightening policy further, while the most dovish member, Swati Dhingra, argues that current policy is already restrictive enough.