The Bank of England's latest interest rate rise is "no surprise" but is a "further headache" for businesses, according to a senior figure at the British Chamber of Commerce (BCC).
The base rate was increased to 3% from 2.25% on Thursday (November 3) - the biggest hike for three decades - as the bank made a bid to tackle soaring inflation in the UK. It is the eighth consecutive time the bank has hiked interest rates and it has warned Britain is facing its longest recession since records began.
David Bharier, head of research at the BCC, said the decision by the central bank was not surprising following the market turmoil caused by September’s mini-Budget.
