Bank of England sends interest rates to 14-year high but slows hike cycle to 50 points

The Bank of England today sent interest rates to their highest level since October 2008, although it slowed the pace of increases to avoid unnecessarily intensifying a looming recession by squeezing household and businesses’ finances. Threadneedle Street’s monetary policy committee (MPC) voted 6-3 in favour for a 50 basis point rise to 3.5 per cent, [...]