With no change in inflation, fixed for two months stubbornly at 8.7%, the Bank of England's rate change today to 5% a 15 year high, is bringing ongoing pain in today's economic climate, to business and consumers alike. Most economists were looking for 1/4% so an unpleasant surprise all round with the vote from the MPC to hike rates 7 for the raise and 2 to leave as is. 

Beating inflation with the interest rate stick doesn't seem to be working and the B of E target rate of 2% is now pencilled in for 2025, though there were mumblings earlier in the year that we might see 2% late this year, when inflation was the wrong side of 10 pct and there was a short Government expectation that inflation would fall of a cliff, a short venture into dreamland.