Britain’s economy has been labelled as a “frog slowly being cooked by ever-higher interest rates” by experts.

The comments come after the Bank of England made the decision to raise interest rates to 5.25 percent, piling further pressure on mortgage holders.

This is the 14th successive time the BoE has raised interest rates in its bid to control inflation.

The Bank warned of “crystallising” risks which were pushing inflation upwards as it decided to increase its base rate up 0.25 percent from 5 percent.

According to the Bank of England, the change comes with “good news” as the Bank is now expecting the Government to meet its promise of halving inflation by the end of the year.

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But Julian Jessop, Economics Fellow at the free market Institute of Economic Affairs claimed the BoE should “pause” to consider the effect of already heightened interest rates before raising them further.

He said: “It would have made more sense to pause to assess the impact of the large increases in rates that have already taken place, as other central banks have done.”

“The UK economy is like a frog slowly being cooked by ever higher interest rates. By raising the temperature further now, the Bank risks doing too much and, once again, only realising its mistake when it is too late.”

Bank of England governor Andrew Bailey today said: “Inflation is falling and that’s good news.

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“We know that inflation hits the least well off the hardest and we need to make absolutely sure that it falls all the way back to the 2 percent target.

“That’s why we’ve raised rates to 5.25 percent today.”

Not everybody within the Monetary Policy Committee was on board with the decision to hike the interest rates further.

In an unusual three-way disagreement, two members of the Bank’s decision-making Monetary Policy Committee (MPC) voted to hike the rate further, while one wanted to keep it unchanged.

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