Bank of England hikes rates for first time in a decade

The MPC must set policy to achieve a sustainable return of inflation to target

The Bank of England raised interest rates for the first time in more than 10 years on Thursday and said it expected only "very gradual" further increases over the next three years.

Below are comments from Mark Carney and other members of the Monetary Policy Committee:

Carney On The Hike:

"The MPC's primary objective is price stability defined by the government as a 2 percent CPI inflation target. CPI inflation was 3 percent in September and is expected to have risen a little further in October.

"But it isn't so much where inflation is now but where it is going that concerns us. The