BUSINESS CLOSE: Bank of England hikes interest rates to 1%

BUSINESS CLOSE: BoE hikes interest rates to 1%; pound falls below $1.24; Nasdaq slumps 5% in US sell-off; Shell posts record profits

  • Bank of England hiked base rate by 0.25 percentage points, to 1%
  • Three of the nine-strong MPC committee voted for a larger 0.5 percentage hike 
  • Bank said inflation will hit 10% this year due to energy price rises 
  • US sell-off sees Nasdaq slump 5%, S&P 500 lose 4% and Dow Jones drop  3%
  • Shell posts bumper record profits as oil and gas prices surge  

The FTSE 100 index closed up 0.13 per cent or 9.82 points to 7,503.27 this afternoon, as the Bank of England upped UK interest rates. 

Among the companies reporting today are Shell, which has raked in bumper profits, Next, BAE Systems, Trainline, Virgin Money UK and Barrett Developments. Read the Thursday 5 May Business Live blog below.

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