The Bank of England (BoE) reveals that 58% of respondents in its inflation attitudes survey expect interest rates to rise over the next 12 months.

This figure is down from 74% in November last year.

The survey, conducted on the Bank of England’s behalf by Ipsos, found that 21% of respondents expect rates to stay about the same over the next 12 months, up from 11% in November.

Elsewhere, the survey reveals that the median expectation of the rate of inflation over the coming year was 3.9%, a 4.8% decrease compared to November.

When asked what would be best for the economy, 16% of respondents thought interest rates should go up compared to 20% in November, while 33% thought rates should go down compared to 30% in the last survey.

Just over a quarter (27%) thought rates should stay where they are, a 2% increase from November’s figure.

When asked what would be best for people on a personal level, 27% of respondents said it would be better for them if interest rates were to ‘go up’, the same figure as November’s survey.

Meanwhile, 30% of respondents said it would be better for them if interest rates were to ‘go down’, in line with 30% in November.

Overall, 25% of respondents say they are either ‘very’ or ‘fairly’ satisfied with the way the BoE is controlling inflation while 30% are dissatisfied in some way.

Ipsos interviewed two quota samples of people aged 16 to 75 across the UK. The first sample was surveyed between 3 and 6 February 2022 and the second between 17 and 19 February 2023.