"The pressure is very much on the BoE to get this right"

Josh Levy, CEO of Ultimate Finance:

"Today’s increase was a larger than anticipated movement but one that feels appropriate to send a strong message about the need to address signs of embedded inflation.

"Recent data has surprised to the upside and it has felt that the Bank of England have lost control in the absence of bold and decisive action to return inflation to target levels.

"It marks another blow for variable rate borrowers households, property investors and businesses in general and the pressure is very much on the BoE to get this right in the face of relentless headlines and commentary about the mortgage market in particular.

"It’s hard to see how the ‘medicine’ of higher interest rates won’t prove to be nearly as damaging as the inflationary problem itself.”