Bank pushes rates up to 5.5%

The move has put the UK's base rate at its highest level since 2001. Even though rates had been left unchanged for two months, economists have been saying for weeks the Bank would enforce a change, although a jump to 5.75% was mooted by some. A spokesman for the Bank says: "In the United Kingdom, output growth has remained firm. "Business investment has been stronger than expected and, although indicators of consumer spending have been volatile, the underlying picture is one of steady growth. Credit and broad money continue to grow rapidly. The pace of expansion of the international e...