UK interest rates rose by 0.5 per cent to 2.25 per cent on 22 September as part of a bid by the Bank of England (BoE) to temper soaring inflation, placing it at its highest level since the global financial crisis of 2008.
The decision by the institution’s Monetary Policy Committee (MPC) was widely expected but had had to be delayed out of respect for the late Queen Elizabeth II and the ensuing period of national mourning.
