Bank of England makes fifth consecutive interest rate hike

The central bank's Monetary Policy Committee voted six to three to raise rates by 25 basis points, with the rest voting for a 50 basis points rise. This move was widely expected, with most analysts believing another hike was necessary to combat soaring inflation, after hitting 9% in April. With rates now at their highest since January 2009, the MPC said that it expected inflation to remain over 9% "during the next few months", rising to above 11% in October. Little has changed since the committee's previous economic forecasts in May, according to the MPC report, although UK GDP has...