This would take the rate to 0.50%, where it last sat in November 2017.

It adds that the market expects rates to climb to 1% by the summer and 1.25% by the end of this year.

Earlier this month, Office for National Statistics data showed that the cost of living increased by 5.4% in December, the highest figure seen since March 1992.

Hargreaves Lansdown senior personal finance analyst Sarah Coles explains: “It would be incredibly difficult for the BoE to sit on its hands after inflation reached its highest point for 30 years, so the market is pricing in a hike this week.”

Indeed, a rate rise this week is “almost certain,” says Coreco managing director Andrew Montlake. “[It] will not affect the majority of existing mortgage borrowers who have long since run to the sanctuary of fixed rates,” he explains.

Montlake says, however, that “[it] will affect future potential borrowers and is yet another slap across the face to those already facing higher energy costs, food prices and an ill-judged refusal by the government to hold back on a National Insurance rise.”

“The problem is that another small increase is unlikely to temper inflationary pressures without a major change, and while rates do need to get back to some semblance of normality sooner rather than later, the public just aren’t ready for this right now.”