The monetary policy committee of the Bank of England has raised interest rates by a quarter of a percentage point.

The raise takes the base rate up to 4.5 per cent.

Following last month's adjustment, it's the first back to back rise for over four years.

Economists say the Bank is trying to put the "put the brakes" on soaring consumer debt.

Many City experts predicted further rises. John Butler of HSBC said the Bank was "stepping up the pace".