The Bank of England has announced its biggest interest rate rise in 27 years as the UK battles soaring inflation, sparking consumer fears about the consequences of a worsening cost of living crisis and the prospect of a looming recession.
The central bank’s nine-member Monetary Policy Committee had already raised interest rates five times this year, overseeing an increase from 0.1 per cent in December 2021 to 1.25 per cent in June, before going one further on Thursday and raising it to 1.75 per cent.
