Quote:
The Bank of England has shocked economists and investors by raising interest rates half a percentage point to 5% - the highest level since 2008.
Economists had expected the Monetary Policy Committee to raise interest rates by only a quarter percentage point, but the MPC voted 7-2 for the surprise increase, explaining that it was aiming to bring higher-than-expected inflation under control.
|
Bigger than expected. This is going be brutal for anyone whose mortgage is variable or their fixed term is about to expire.