Following Her Majesty Queen Elizabeth II's passing on Thursday (8 September), the Bank of England (BoE) has announced it will delay the interest rates decision by one week.

The Bank is one of many public bodies that have cancelled or postponed events as a mark of respect for the Queen.

The monetary policy committee (MPC) meeting, originally scheduled for Thursday (15 September), will now be held on 22 September.

The delay is in light of the national mourning period following Her Majesty's death, which will continue until after the state funeral on Monday (19 September).

The announcement is widely expected to raise interest rates from 1.75% to 2.25% in response to inflation reaching the highest rates since the 1980s.

This follows the Bank raising interest rates last month by 0.5%, the highest margin in 27 years, in an attempt to curb inflation by increasing the cost of borrowing.

The decision to delay the announcement may also give the BoE more time to take the Government's new energy plans into consideration.

The Bank's governor, Andrew Bailey, said that the plans would be taken into account when deciding on interest rates.

On the news of the Queen's death, Bailey passed on his "deepest condolences" to the Royal Family on behalf of the Bank.

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