BoE makes historic 75 basis point rate hike in largest leap since 1989

The historic rise - predicted by many advisers - brings interest rates to 3%, their highest since the global financial crisis in 2008. The central bank's monetary policy committee (MPC) today (3 November) voted seven to two to hike rates, with one member voting to hike rates by 0.5% and one voting to hike rates by just 0.25%. The report from the MPC warned of a "very challenging outlook" for the UK economy, adding that it currently forecasts a prolonged recession. Inflation rates are now expected to peak at about 11% this quarter, which is slightly lower than what had been projecte...