Interest rate hikes are all about timing, which makes this rise bizarre

The Bank of England cut rates last year to deal with a Brexit downturn that didn't happen but it raised rates now when the risks feel more immediate

You wait 10 years for a rise in interest rates and, when the moment finally arrives, the timing feels completely arbitrary.

An easier moment to make the move would have been the start of this year. The August 2016 cut from 0.5% to 0.25% was presented as an emergency measure to prevent a post-referendum recession. When the downturn didn't arrive - GDP growth in the final quarter of 2016 was a strong 0.7% - it would have been logical to revert to 0.5%. The Bank of England could have declared a minor victory and said it would remain vigilant on all fronts, looking for both inflationary breezes and Brexit headwinds.

Related: Bank of England raises UK interest rates for first time since 2007

Lenders have already bumped up the cost of fixed rate mortgages ahead of the Bank of England's decision to raise base rate from 0.25% to 0.5%, and mortgage borrowers on tracker and variable rates will see their monthly payments become more expensive in the coming days. "

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