Following the Bank of England’s rate decision and minutes, Simon Lister at the financial comparison website, InvestingReviews.co.uk, commented:
“With the Omicron variant wreaking havoc across countless sectors, the Bank of England’s decision to raise bank rate was the ultimate curveball.
“Right now, it feels like the roof is coming down on the UK economy. However, Threadneedle Street is clearly extremely concerned about the pace at which inflation is rising.
“The Bank is betting that the Omicron variant will only weigh on near-term activity, but the stakes are high.
“Sentiment among businesses and consumers alike has been hit extremely hard over the past fortnight and this rate rise will be another hammer blow.
"If there’s one winner, it was the Pound, which leapt in the aftermath of the decision.
"Sterling soared at the same time as many traders will have been scratching their heads, surprised by this unexpected decision.”
