UK interest rates raised to 4.25% by Bank of England, but inflation expected to cool – as it happened

UK central bank sets interest rates at 14-year high after inflation jumped to 10.4% in February

• Bank of England raises UK interest rates by quarter point to 4.25%

One former Bank of England policymaker argues that the BoE should slash interest rates at this week's meeting, not hike.

David Blanchflower, a member of the Bank's monetary policy committee during the global financial crisis of 2008, argues that UK official borrowing costs should be cut from 4% to 3% at this week's meeting.

The Bank of England is showing signs of dangerous groupthink when it comes to QT, believing that it must reverse the previous policy of QE when they have not as yet offered any credible reason for doing so."