The UK's biggest employers lobby expressed disappointment at the Bank of England's decision to lift borrowing costs by a quarter point to 4.75 pct today. "CBI member companies will be disappointed by this increase, but will hope that a modest rise now will remove the risk of a more significant increase later in the year," the Confederation of British Industry's new director general Richard Lambert said. Lambert had himself been on the BoE's rate setting panel until late March before leaving to lead the CBI. "Today's decision was always going to be a close call, given the recent data for output growth and price inflation," he said. "We will have to wait until the Inflation Report next week to understand how the Bank's thinking has changed, and what led to a decision that has come as a surprise to the markets," he added.