Bank of England in biggest rate rise since 1995, sees inflation of 13.3 percent, predicts deep recession running to 2024

The Bank of England has raised interest rates by the most since 1995 in an attempt to smother surging inflation on track to top 13 percent, warning a long recession could run until 2024.

Reeling from a surge in energy prices after Russia's invasion of Ukraine, the Bank delivered a half percentage-point rise  to 1.75 percent, its highest since late 2008.

Governor Andrew Bailey said economic uncertainty was exceptionally large and that "returning inflation to the 2% target remains our absolute priority - there are no ifs or buts about that." 

Here's my analysis on ABC NewsRadio