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The Monetary Policy Committee has lifted the base rate to 4 per cent following volatile energy markets triggered by the Iran conflict. With further hikes on the horizon, the pressure on UK households and the housing sector is intensifying.

In a decisive break from three years of stagnation, the Monetary Policy Committee has moved to temper persistent inflationary pressures. The decision reflects a sober assessment of geopolitical instability and the long road ahead to price stability.
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