Biggest interest rate rise in decades expected as Bank of England battles inflation – business live

Bank of England will announce UK interest rates at noon, with economists expecting a hike to 3%

• Interest rates likely to jump as markets await Bank of England decision

Labour’s shadow chancellor Rachel Reeves warns that another interest rate rise today will hurt businesses and households, and hit growth in the economy.

She’ll tell the Anthropy conference in Cornwall that the government’s failure to tackle weak growth, low productivity, underinvestment and widening inequality has left the UK particularly expose to economic shocks.

“Rising interest rates will mean families with already stretched budgets will be hit by higher mortgage payments.

“It will mean higher financing costs for businesses.

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