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


BUSINESS CLOSE: BoE hikes rates of interest 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 bigger 0.5 percentage hike 
  • Bank said inflation will hit 10% this yr because of 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, because the Bank of England upped UK rates of interest. 

Amongst the businesses 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.

> For those who are using our app or a third-party site click here to read Business Live.


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