It makes no sense to switch from caution to abruptly increasing borrowing costs when Omicron endangers the economy
After months of hand-wringing and flip-flopping, the Bank of England has settled on a plan. Following a whopping eight-to-one vote in favour at a meeting last week, the monetary policy committee decided the pandemic was over and now was the time to begin pushing interest rates back to pre-Covid levels.
The decision to become the first major central bank to raise interest rates since Covid-19 struck in 2020 was greeted with a whiff of derision in some parts of the City.