Hike of 0.5 percentage points despite fears UK is entering a long recession
Analysis: Speed of UK rises will dent already weak economyBusiness live: Bank of England split over UK rate rise
The Bank of England has raised interest rates by 0.5 percentage points to 3.5% in an effort to combat double-digit inflation that has caused a widespread cost of living crisis.
Members of the central bank’s monetary policy committee (MPC) voted to increase the cost of borrowing after the consumer prices index (CPI) in November showed annual inflation of 10.7%.
Continue reading…Hike of 0.5 percentage points despite fears UK is entering a long recessionAnalysis: Speed of UK rises will dent already weak economyBusiness live: Bank of England split over UK rate riseThe Bank of England has raised interest rates by 0.5 percentage points to 3.5% in an effort to combat double-digit inflation that has caused a widespread cost of living crisis.Members of the central bank’s monetary policy committee (MPC) voted to increase the cost of borrowing after the consumer prices index (CPI) in November showed annual inflation of 10.7%. Continue reading…