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Bank of England raises interest rates to 0.5%
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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.
The move, widely anticipated by financial markets, comes after the official measure of annual inflation hit a 30-year high of 5.4% in December, fuelled by a surge in household energy bills and supply chain logjams increasing the cost of the weekly shop.
More details to follow…
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