The Bank of England has increased interest rates to 0.75%, despite warnings it would plunge households who are already struggling into poverty.
Members of the Monetary Policy Committee (MPC) voted to raise rates on Thursday. The Bank wants to cool soaring inflation and Governor Andrew Bailey recently appealed to workers not to ask for big pay rises, the Mirror reports.
Rates had been at 0.1% until December last year, when the Bank moved to prop up the economy following the end of covid lockdowns - raising it to 0.25%. On February 3, 2022, it was raised again to 0.5% - the fifth rates increase in recent months.
