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Evening Standard
Evening Standard
World
Anna Wise

What does the latest interest rate hike mean for me?

Andrew Bailey Interest Rates Bank of England Inflation
The Bank of England said it would hike interest rates by 0.75 percentage points to 3% on Thursday, the biggest single increase since 1989 (Gareth Fuller/ PA) (Picture: PA Archive)

The Bank of England said it would hike interest rates by 0.75 percentage points to 3% on Thursday, the biggest single increase since 1989.

It means that rates are now at their highest level since December 2008 and the Bank warned that further rises might be required to bring down runaway inflation.

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