Bank of England raises interest rates to 13-year high of 1% to curb inflation
The Bank of England has raised interest rates to their highest for 13 years, with a 0.25 percentage point increase to 1%, as it responds to soaring inflation.
It was the fourth consecutive rate rise from the Bank’s monetary policy committee (MPC), and takes borrowing costs to a level not seen since February 2009.
UK inflation hit 7% in March, the highest level since 1992 and more than triple the Bank’s official target, as Russia’s war in Ukraine drove up energy costs, compounding the cost of living crisis in Britain.
Although raising borrowing costs will add to the pressure on some households in the short-term, the widely expected rate increase reflects a desire among the nine-strong MPC to prevent persistently high rates of inflation from taking hold.
More to follow…
Read more on theguardian.com
