Interest rates hiked 50 basis points to 13-year record high of 5%

The move today (22 June) is the thirteenth consecutive interest hike from the central bank, putting rates at the highest levels since 2008. Markets had factored in another rate hike from the BoE, but they were split on whether the central bank would increase rates by 25bps or 50bps, considering the stickiness of inflation which, according to Consumer Prices Index data yesterday remained stagnant in May at 8.7%. In its report, the committee said its remit is "clear that the inflation target [of 2%] applies at all times, reflecting the primacy of price stability in the UK monetary polic...