Persistence of inflation convinced Bank of England policymakers to act more aggressively and signaled more tightening even as higher interest rates hit mortgage holders hard and the surprise move raised market expectations regarding the level at which the UK bank rate would peak.
The Monetary Policy Committee, led by Governor Andrew Bailey, decided to increase the bank rate by a bigger-than-expected 50 basis points on Thursday. Markets had forecast only a quarter point hike.
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by Renju Jaya
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