No matter what happens this week the interest rates will only move in one direction.
Inflation now forecast to reach 4% or even 5%, there were concerns about spiralling prices. Speculation about a possible base rate increase reached fever pitch after the Budget.
It is only a matter of timing, even if Bank of England holds off on pushing the button tomorrow.

Rates at risk: Millions of families’ mortgage payment is their largest monthly expense. Any increase, no matter how small or large, will be very painful.
Since the pandemic began, interest rates have fallen to an historic low of 0.1%.
Before then, they hadn’t crept above 0.75 per cent since the financial crisis more than a decade ago.
So rumblings that in a worst-case scenario, rates could rise to 3.5 per cent in 2023 is enough to send a small shiver down anyone’s spine.
For households already feeling squeezed by other tax increases and bill hikes, even a slight increase to pre-pandemic levels is unlikely to be popular.
Yes, it’s true that in the ten years preceding the credit crunch, interest rates were around 5 per cent on average. Many will remember vividly the days when rates rose to over 15%.
This context is not comforting for those whose financial situation was already strained by the pandemic.
For millions of families, their mortgage payment is their largest monthly outgoing. Any increase, no matter how small or large, will be difficult.
Yet it’s important to remember that mortgage rates are still incredibly cheap. You still have time to lock in a great rate, even though we may not see another price war on the same scale as this summer.
Major lenders have pulled many of the lowest offers before an expected rise in the base rate. As we report, you still have a chance to get a fix for five years at around 1%.
Of course, the lowest rate doesn’t necessarily translate into the best deal; this depends on the lender’s fees and how much you are borrowing. However, it does show that there are still amazing bargains available.
So if you are sitting on your lender’s standard variable deal, contact a mortgage broker today to find out if you can switch to a cheaper deal.
Those on trackers who have no plans to move home in the near future may want to consider a fixed mortgage instead — particularly if you do not have to pay any early exit fees to leave.
If you’re already locked into a low-cost fixed deal, think about whether you can afford to spend a little more each month.
If you’re looking to remortgage, it is a good idea to increase the equity in your home. Home loans are more expensive than home loans.
It is unlikely that mortgage rates for the long-term will be so low again. There is no need for panic, but now is the right time to take action.
Festive frugal
The week following the clocks turn back is when I usually start to think seriously about Christmas shopping. If I don’t get organised early, I end up panic-buying, spending far more than necessary.
But this year, shortages or not, I’m determined to take it easy.
Many families will feel under immense pressure after the holiday season was cancelled last year.
Like many people, I just want to be able have a few laughs (and maybe a few drinks) with my loved ones.
With household budgets under strain, there’s no reason to go overboard. Last year, my friends and I decided to ditch gifts in favour of a donation to our favourite charities — a tradition I’m keen to repeat.
I’d love to hear your festive spending plans. Send me an email at the address below.
Warm wishes
Speaking of Christmas presents, one Money Mail reader from Bicester, Oxfordshire, suggests that with gas prices soaring, energy firms should consider launching a range of gift cards — ‘So you can really send warmest wishes to loved ones,’ she says.
It might not be the most exciting present to unwrap, but I’m sure it would be gratefully received.
Perhaps you could go all out and include a woolly jumper or fluffy water bottle.
v.bischoff@dailymail.co.uk