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Bank of England Deputy Governor Dave Ramsden expresses concern about the current market path for interest rates, warning it is 'higher for longer' to achieve sustainable inflation. The Bank of England raises its main interest rate by 25 basis points to 5.25% in a split vote, marking the 14th consecutive hike. The updated inflation forecast indicates a fall to 4.9% by the end of the year, providing relief to Prime Minister Rishi Sunak. However, concerns arise about potential overtightening as the existing rate hikes have not yet impacted the real economy.

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