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mpc: 7 Short-term market interest rates had also been little changed on the month. At the time of the Committee's meeting, sterling market instruments implied an expectation of a 25 basis point rise in the Bank of England's official rate by the end of 2006, with a second 25 basis point increase priced in by the end of 2007. While the majority of private sector economists surveyed in the Reuters poll, by contrast, continued to expect the official rate to be unchanged during 2006, the proportion of respondents expecting a reduction in interest rates before the end of the year had fallen in recent months, and there had been a rise in the proportion expecting the next change to be a rate increase.