By Jack Barnett The Bank of England today ripped up the history books and hiked interest rates by the largest amount in its 25 years of independence. The nine-strong committee of rate setters, including governor Andrew Bailey, backed a 50 basis point rise by 8-1 in a bid to step up their battle against the worst inflation surge in the UK in recent memory. Borrowing costs are now 1.75 per cent, up from 1.25 per cent and the highest since December 2008. The move marked the sixth meeting in a row Bailey and co have lifted rates, also a first. Inflation in the UK has climbed to a 40-year high of 9…