Inflation spike prompts MPC to vote for rate rise despite fears for UK economy from surge in Omicron cases
The Bank of England has raised interest rates for the first time since the start of the coronavirus pandemic despite mounting concern over the Omicron variant.
Threadneedle Street’s monetary policy committee (MPC) voted to raise rates from the historic low of 0.1% to 0.25%, judging that pressure from surging inflation outweighed the risks to the economy from the new variant.
