By Jack Barnett Soaring inflation will force the Bank of England to do something it has never done since it was made independent 25 years ago, City economists are betting. Governor Andrew Bailey and the rest of the monetary policy committee (MPC) will hike interest rates 50 basis points this Thursday. The move would also mark the sixth meeting in a row the MPC has raised rates, also a first. The super-sized rate hike is needed to tame the worst inflation surge since the early 1980s. Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plung…