Policymakers increase base rate by 0.5 percentage points, the sixth rise in a row as the cost of living soars
The Bank of England has raised interest rates by 0.5 percentage points to tackle the soaring cost of living, despite concerns that the economy is heading for a recession.
In the biggest increase in rates in 27 years, policymakers at the central bank voted to raise the base rate for a sixth time in succession to 1.75%, in line with the expectations of City economists. The decision takes UK rates to the highest level since the end of 2008.
