Bank of England raises interest rate to 5% to try and stifle inflation

Interest rates will hit 6pc by the end of the year and remain there until at least May, markets predict, after the Bank of England raised rates by half a point to 5pc. Policymakers delivered a blow to mortgage holders by raising interest rates faster than expected as they fight to bring down doggedly high inflation. The Monetary Policy Committee voted to increase rates by 0.5 percentage points from 4.5pc, more than the 0.25 point lift that had been expected by economists. #inflation #uk #economy Subscribe to The Telegraph with our special offer: just £1 for 3 months. Start your free trial now: https://www.telegraph.co.uk/customer/subscribe/digitalsub/3for1/?WT.mc_id=tmgoff_pvid_conversion-subscription_editorial-iniative_03-22_EGW-13_organic_youtube Get the latest headlines: https://www.telegraph.co.uk/ Telegraph.co.uk and YouTube.com/TelegraphTV are websites of The Telegraph, the UK's best-selling quality daily newspaper providing news and analysis on UK and world events, business, sport, lifestyle and culture.