New just in - the Bank of England has announced the largest increase in interest rates in 25 years, from 1.25% to 1.75%. This is the highest rate since the global financial crisis in December 2008 when interest rates reached 2%.
With initial predictions estimating inflation to increase 11% by the end of the year, and other forecasts suggesting this could be as high as 15%, this increase comes as an attempt to slow the rate of inflation down.
Read more on the Bank of England Website here:
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