The Bank of England hiked interest rates as expected on Thursday by 25 basis points.
The Monetary Policy Committee voted 8-1 to lift rates to 0.75%, with only deputy governor Jon Cunliffe voting against a hike. This marked the third time the Bank has upped interest rates in four months as it looks to combat surging inflation.
Inflation is currently at a 30-year high of 5.5%, versus the Bank’s target of 2%.
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