Bank of England to announce next rate move at 1100 GMT
BoE expected to raise rates by another quarterpoint
Focus on how soon BoE will pause tightening cycle
Governor Andrew Bailey due to chair news conference at 1130 GMT
UK39;s 10.1 inflation highest in G7, growth weak

LONDON, May 11 Reuters The Bank of England BoE is poised to raise borrowing costs for the 12th meeting in a row on Thursday, as it tries to tackle stubbornly high inflation that stands at double the level of the United States and much higher than in the euro zone too.

Investors are fully pricing in another quarterofapercentage point increase in Bank Rate, taking the BoE39;s benchmark rate to 4.5, when the Monetary Policy Committee MPC announces the outcome of its May policy meeting at 12 p.m. 1100 GMT.

Markets39; main focus will be any signals from the BoE about the likelihood of further rises in the months ahead.

A poll of economists by Reuters earlier this month showed most expected the BoE would hold rates at 4.5 for the remainder of this year after an increase in May.

But Goldman Sachs is now forecasting that borrowing costs in Britain will keep on going up to a peak of 5 in August after recent data showed little letup in price pressures and an economy that is defying forecasts of a recession.

We expect that the Bank will only start to reduce rates from 2024 Q2 given resilient growth momentum, Goldman Sachs economist James Moberly told clients this week.

The prospect of further rate hikes…