The Bank of England (BoE) has raised UK interest rates to a 13-year high of 1.25% and is now predicting inflation will hit 11% this autumn, when energy bills are set to rise again.
Six out of nine Monetary Policy Committee (MPC) members voted for a 0.25 basis point hike, leading to a fifth consecutive rise.
It is the first time since January 2009 that the rate has been higher than 1%. Three members of the MPC voted to raise interest rates to 1.5%, which would have been the biggest rise since 1995.
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