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Last Thursday the Bank of England increased interest by half a percentage point, to 5% . As you can see, the recent trajectory and pace of interest rate changes have been significant:
The rationale is simple: the primary job of the Monetary Policy Committee (MPC) is to keep inflation at around 2%, and it has remained stubbornly high. As you can see over the last 3 years, the conventional measure of inflation has been on a strong upward trend.