FTSE 100 Live: Pound falls after Bank of England hikes interest rates by 0.5%; Gas prices jump sixfold

The pound fell as the Bank of England lifted interest rates by 0.5% today, adopting a softer hike than the 0.75% rise last time, taking UK base rates to 3.5% with the Monetary Policy Committee split three ways.

Last night, the Federal Reserve hiked rates by 0.5% to a range of 4.25% and 4.5% and warned of an eventual peak above 5%.