Rise aims to combat soaring inflation despite faltering economic recovery from pandemic and deepening cost of living crisis
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.
