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Hello and welcome to Coffee House Shots, the Spectators' Daily Politics podcast.

I'm Cindy Yu and I'm joined by Kate Andrews and Katie Bals.

So today the Bank of England has been in the news because it's raised interest rates again.

Kate, can you update us on what the Bank of England has said today?

Of course, we have seen another interest rates rise by 50 basis points.

So the bank rate has been taken from 3.5% up to 4%.

This was expected. The market consensus was that it was going to raise by 50 basis points.

They got exactly what they had been forecasting.

It's interesting that this time round, two people voted to keep the bank rate at 3.5%.

You didn't have anybody calling for a bigger increase than that 50 basis points

unlike in the past. So I think what you're seeing now is

well, the Bank of England had been trying to play catch up on interest rates for a long time,

having called inflation so badly wrong from the start.

They're clearly backing off from that sense of urgency.

And although the minutes from the Monetary Policy Committee and their meeting and the press conference day

featuring the Banks Governor Andrew Bailey did not rule out further interest rate hikes,

they did suggest that they would need to see more signs of persistent problems

and reasons to believe that the situation was worse than they currently think it is to keep going.

So I think there's a big question mark as to whether or not interest rates are going to

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