Bank hikes rates to 0.5% as households face worst income hit since at least 1990

PA Wire

The Bank of England has raised interest rates to 0.5% and signalled more hikes are on the way as it warned rocketing inflation will see the worst hit to household income for at least 32 years.

The Bank’s Monetary Policy Committee (MPC) voted 5-4 to raise rates from 0.25% to 0.5% – marking the first back-to-back rise since 2004, coming after a quarter point increase at its last meeting in December.