Bank of England governor denies trying to trigger recession after hiking interest rates to 5% – as it happened

Rolling coverage as the Bank of England lifts UK interest rates to a 15-year high, as it contnues to fight inflation

• Full story: Bank of England raises interest rates by a half point to 5%

Oof. Norway's central bank has just hiked its key interest rate by half a percentage point, more than forecast.

It's another sign that inflationary pressures are worrying policymakers beyond Britain.

If we do not raise the policy rate, prices and wages could continue to rise rapidly and inflation become entrenched. It may then become more costly to bring inflation down again."