1148 GMT - Some investors had been speculating about a 50 basis point interest-rate rise by the Bank of England following another stronger-than-expected inflation reading on Wednesday, but this decision will come as a shock for many in the market, Luke.
Andrew Bailey made no attempt to sugarcoat his message. Announcing an interest rate rise from 4.5pc to 5pc, the Governor of the Bank of England was talking tough.
The bank said its nine-member Monetary Policy Committee decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5%
LONDON (AP) — Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat