Bank Of England raise rates again to 5%

The Bank of England raised interest rates by a more than expected 0.5% to 5%. This followed stubborn inflation figures released the day before that showed no let up in pain for UK consumers.

Rates are now at a high not seen since 2008 and expectations are that we will see 6% before the end of the year.

The pound remained largely unchanged but the trend for GBP strength seems set to continue for now.

There is always a lag in monetary policy for effects to be felt so hopefully we see inflation subsiding in the 2nd half of the year and the bank ease off the brakes a little to give hard pressed borrowers some respite.

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