The Bank of England hiked rates by 50 basis points on Thursday, as expected, as it looks to tackle surging inflation.
At 3.5%, interest rates are now at their highest level since October 2008. Last month, the Bank hiked rates by 75 basis points, which was the biggest increase for 33 years.
Data released on Wednesday by the Office for National Statistics showed that consumer price inflation in the UK eased to 10.7% in November from October’s 41-year high of 11.1%, as transport costs fell back. This was below consensus expectations of 10.9%.
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