The Governor of the Bank of England has defended today's rise in interest rates, which will put further pressure on households, saying it was necessary amid "a series of unprecedently large shocks" to the economy.

Andrew Bailey said: "There are many people out there telling us we should do more, and we don't think that's appropriate because there are risks of further inflation … the thing that would be much worse is if inflation kept on going up." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn