Interest rates jumped to 1% on Thursday - the highest level for 13 years and the fourth increase since December, as the Bank of England battles to cool rocketing inflation.
The Bank's policymakers voted to raise rates from 0.75% to 1% - a level not seen since early 2009 - as the Ukraine war compounds a crippling cost-of-living crisis.
The fourth rise since December 2021 comes as soaring food, energy and fuel prices saw inflation - the measure of the rising cost of goods - hit a 30-year high of 7% in March. Today, Threadneedle Street said inflation is likely to be at 10% by the end of the year.
