For reasons best known to itself, the Bank of England put up interest rates by 0.25% to 1%, and warned inflation could hit 10% by end of year, the highest since 1982.
The Bank also warned that the economy is set to shrink next year putting the UK at real risk of recession.
The only good thing to come of this is that it made a fool of Peston, who was predicting a rise of 0.5%!
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