As widely predicted, the Bank of England has increased interest rates by 50 basis points to 4.0 percent, the highest rate for around 15 years.

The Monetary Policy’s Committee (MPC) statement did suggest a shift in policy however. It indicated that further increases would only be needed if there was evidence of more persistent inflationary pressures.

Daniele Antonucci, the chief economist of Quintet Private Bank, did warn that there is “still some risk that the Ba...