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The Independent UK
The Independent UK
National
Matt Mathers

Why are interest rates going up – and how does raising them help inflation?

Bank of England Interest Rates Inflation EPA
EPA

The Bank of England has raised interest rates for the twelfth consecutive time today as it continues trying to tame sky-high inflation.

Policymakers at the UK central bank have to raise rates by a further 0.25 per cent, bringing the base rate to 4.5 per cent – the highest since 2008.

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