The Bank of England has raised interest rates from 0.25% to 0.5% after inflation jumped to its highest level in ten years.
It is the second time in more than three years that the central bank has hiked the interest rate, which has been at a record low for much of the pandemic.
The Bank's Monetary Policy Committee this afternoon voted by five votes to four in favour of increasing interest rate, also known as 'base rate' or 'bank rate'.
