Decision makers had to make a "strong move" as they sat down and studied a surprisingly bad inflation report last week, the governor of the Bank of England has said.Andrew Bailey said he thought it was better to increase interest rates from 4.5% to 5% in one go, a so-called 50 basis point (bps) increase, rather than to hike it in two steps.The Bank hiked rates last Thursday, a day after the Office for National Statistics revealed that Consumer Prices Index inflation had only fallen to 8.7% in Ma

Decision makers had to make a "strong move" as they sat down and studied a surprisingly bad inflation report last week, the governor of the Bank of England has said.Andrew Bailey said he thought it was better to increase interest rates from 4.5% to 5% in one go, a so-called 50 basis point (bps) increase, rather than to hike it in two steps.The Bank hiked rates last Thursday, a day after the Office for National Statistics revealed that Consumer Prices Index inflation had only fallen to 8.7% in May, compared to the 8.4% that had been expected.