Bank of England: UK interest rates hiked to 0.25% to combat surge in inflation – business live

• 2.18pm GMT14:18 Larry Elliott: Rising inflation spooks Bank of England rate-setters into taking action
• 1.12pm GMT13:12 MPC fears Omicron could push up inflation
• 12.53pm GMT12:53 Fidelity: Expect a period of belt-tightening
• 12.43pm GMT12:43 BoE cuts GDP forecast as omicron hits growth
• 12.23pm GMT12:23 Why the Bank raised interest rates
• 12.02pm GMT12:02 Bank of England lifts interest rates to 0.25%
• 11.17am GMT11:17 The measures which could help UK firms

The case for more government support for businesses struggling in the pandemic became even more compelling, says economics writer Duncan Weldon.

If the Bank is tightening monetary policy, the fiscal side needs to loosen to help the economy through the Covid-19 wave: