Andrew Bailey and Jeremy Hunt bet their future on a shock 0.5 point rate rise – it had better pay off
They must both hope this intervention will finally sort the inflation crisis, says James Moore
![](https://static.independent.co.uk/s3fs-public/thumbnails/image/2018/09/26/15/james-moore-3.png?quality=75&width=137&auto=webp)
![Andrew Bailey, governor of the Bank of England, and others voted to hike interest rates to 5 per cent](https://static.independent.co.uk/2023/06/22/15/a24ad642824a47efb0016c9a2f05bee5Y29udGVudHNlYXJjaGFwaSwxNjg3NTI2MjY5-2.72211454.jpg)
The Bank of England has finally taken a decisive, hawkish turn, imposing a shock 0.5 percentage point interest rate rise on Britain’s beleaguered borrowers.
Its previously cautious approach led to City predictions that it would only hike rates by a quarter point.
But the backdrop to the decision has been getting increasingly uncomfortable for governor Andrew Bailey and his rate-setting Monetary Policy Committee (MPC).
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments