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

Andrew Bailey, governor of the Bank of England, and others voted to hike interest rates to 5 per cent (PA Wire)

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).