BUSINESS LIVE: Bank of England raises interest rates to 1%; The pound falls 2% below $ 1.24; Shell is recording record profits; Next presents an upbeat update; BAE expects demand to grow

  • Bank of England raises base rate by 0.25 percentage points to 1%
  • Three of the nine members of the MPC committee voted for a larger increase of 0.5 percent
  • The bank said that inflation will be 10% this year due to rising energy prices
  • Shell is recording record profits amid rising oil and gas prices


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