The Bank of England announced its biggest rate hike on Thursday since 1995 as it looks to tackle surging inflation.
The Bank lifted rates by 50 basis points to 1.75%. This marked the sixth increase in a row and was in line with economists’ expectations.
The Monetary Policy Committed voted 8-1 to for the rate rise, with only Silvana Tenreyro opting for a smaller rise to 1.5%.
