Bank of England hike interest rates to 5 per cent

The Bank of England has risen interest rates to 5 per cent, defying hopes for a lesser increase in a further blow to homeowners struggling with catapulting mortgages. The central bank’s 13th consecutive base rate hike comes as the rate of inflation remains unexpectedly stubborn – frozen at 8.7 per cent last month. Analysts had expected the Consumer Prices Index, which peaked at 11.1 per cent in October last year, to fall back to 8.4 per cent. Watch more here at Independent TV https://www.independent.co.uk/tv/editors-picks Click here to subscribe to The Independent: https://bit.ly/Subscribe-to-Independent About The Independent: Making Change Happen. The Independent is the world’s most free-thinking newsbrand, providing global news, commentary and analysis for the independently-minded. Connect with The Independent: Check out our full video catalog: https://www.youtube.com/c/theindependent/videos Videos, daily editorial and more: http://www.theindy.com Click here to get the best of The Independent daily: https://www.independent.co.uk/newsletters Like The Independent on Facebook: https://www.fb.com/TheIndependentOnline Follow The Independent on Twitter: https://twitter.com/Independent Follow The Independent on Instagram: https://www.instagram.com/the.independent Download the iOS & Android app: https://www.independent.co.uk/subscribe/app Help to support truly independent journalism. Every dollar you contribute will directly fund additional special reports and investigations from a free-thinking, award-winning newsroom you can trust - https://www.independent.co.uk/donations Subscribe to Independent Premium for exclusive content & live events: https://bit.ly/2MiOONB