The increase, seen as almost inevitable in the City, will be announced on Thursday.
It will be the first 0.25% rise by the Bank’s monetary policy committee since a similar hike in interest rates last November.
And it has led to increased speculation among economists that this month’s predicted rise is just the first of several that will happen this year.
Experts have predicted at least four increases this year as the Bank tries to head off future inflationary pressures for the UK economy.
One survey of business leaders by financial research company Ideaglobal.com, predicted that the rate would reach 4.5% by June.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements