As expected, the May meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank announce a 25bps rate increase. This followed a similar-sized hike in March and 50bps increases in both February and December. Today’s rate hike brings the Bank rate up to 4.5%. It marks the twelfth consecutive meeting where the BoE has raised rates. The Bank has now raised rates by a total of 440bps since it commenced hiking in December of 2021