“It’s far better to have a short period of pain brought about by higher interest rates, rather than a sustained period of significant economic turmoil and uncertainty”

Jonathan Samuels, CEO at Octane Capital:

“While an unpopular opinion, it could be argued that the BoE hasn’t been daring enough in their decision to increase rates again today, and really another 0.5% increase was needed in order to tame inflation.

“It’s far better to have a short period of pain brought about by higher interest rates, rather than a sustained period of significant economic turmoil and uncertainty.

“Take America for example, where rates started to rise at a similar time to the UK, but in a far more aggressive manner; inflation there is already back to 3% and so the target of 2% is within reach.

“If we had been as bold, then we too would be close to achieving a much heralded soft landing and would be far closer to interest rates falling than we are now."