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Bank of England raises interest rates to 0.5%
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The Bank of England has raised interest rates to 0.5% to tackle soaring inflation amid intense pressure on households in Britain’s cost of living crisis.
Threadneedle Street’s monetary policy committee voted to increase its base rate from 0.25%, judging that an immediate rise was necessary despite fears over the impact on the economy from Covid-19.
The move, widely anticipated by financial markets, comes after the official measure of annual inflation hit a 30-year high of 5.4% in December, fuelled by a surge in household energy bills and supply chain logjams increasing the cost of the weekly shop.
More details to follow…
Read more on theguardian.comAbout this in other media
Law requiring people with COVID to isolate could be scrapped in England by the end of February euronews.com /2 years ago
The Bank of England has only one solution to rising inflation – make workers pay theguardian.com /2 years ago
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