THE Bank of England’s raising of interest rates this week was a poor decision that will do little to nothing to restrain price rises, adds to the financial burdens on households and small businesses and increases the joint risks of recession and financial crisis.

But it’s not all bad news: new figures from Unite the Union show that the four largest banks’ profits are up £7bn since the start of the pandemic, as rising Bank of England interest rates have been turned into higher borrowing costs for households and businesses — while, naturally, savings rates have barely moved.

Sarcasm aside, the best that can be said for the rates rise, with two dissenting members of the rate-setting Monetary Policy Committee voting to keep rates the same, is that the bank is less likely to repeat this madness in future.