ANALYSIS

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

Thursday 22 June 2023 17:48 BST
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<p>Andrew Bailey, governor of the Bank of England, and others voted to hike interest rates to 5 per cent </p>

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

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).

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