Energy prices have been on the rise again in recent weeks and fears of another inflationary shock are, again, on economists’ lips. For now, though, the Bank of England has just voted six to three to keep interest rates steady at 3.75 per cent. If a 0.25 per cent hike had been the way the MPC went, Moneyfacts reckon it would increase average mortgage payments by around £450 a year. He felt the Bank needed to offer a ‘clear and unambiguous signal’ that the MPC was willing to address upside inflation risks. Let’s just hope Pill and his fellow hawks have got this one wrong.