'Jumbo hike' as interest rate goes to 5% in 13th rise in a row as Bank tries to slow inflation

Inflation didn’t change in May, remaining at 8.7% despite supermarkets boasting of price cuts for certain products.

Rishi Sunak, due to speak after the rates announcement on Thursday at an economy-focused PM Connect event in the south-east of England, will tell business figures that halving inflation is his administration's "number one priority" and that he wants to "get back" to the target of inflation being at 2%, less than a quarter of what it stood at last month.

"That's why our number one priority is to halve inflation this year and get back to the target of 2%."

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