Bank of England Governor Andrew Bailey holds press conference after interest rate hike

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Bank of England Governor Andrew Bailey holds press conference after the Bank raised interest rates for the fourteenth successive time, lifting its official rate to 5.25%.

It is the highest interest rate rise since March 2008 - the year of the financial crisis.

However, the latest forecasts from the Bank say the UK will avoid recession and suggest the government is likely to meet its pledge to halve inflation by the end of the year.

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