A head of steam is building up behind the Bank of England raising interest rates again. With the latest forecasts by the central bank showing inflation rising to 5% next spring, another increase in the cost of borrowing seems inevitable, and may come as soon as next month.

A growing number of analysts predict the Bank’s policymakers will don Scrooge masks when they meet on 17 December to deliver a message of austerity and sacrifice.

So sclerotic is the economy, so lacking in flexibility or productive spare capacity, that even the burst of growth experienced by the UK over the last year, defying most forecasters, must be calmed down with higher interest rates or else inflation will rip.

Huw Pill, the Bank’s chief economist, told the Financial Times on Saturday that more than one rate rise was almost certain .

This is not a message anyone who borrows money will want to hear, especially when the festive season is in full swing.…