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An interest rate hike of 0.5% is confirmed as the Bank of England takes its biggest step yet in the fight against inflation. The City has forecast a rise to 1.75% in what will be the biggest single increase in 27 years and the first of its kind by the Bank’s Monetary Policy Committee since it was set up in 1997. In corporate updates, retailer Next has increased its full-year profits guidance by £10 million to £860 million.