Andrew Bailey said the interest rate increase to 3% had been prompted by issues such as the pandemic and the Ukraine war
(Picture: AP)Bank of England Governor Andrew Bailey warned on Thursday that it was a “tough road ahead” for the UK after his organisation made its biggest interest rate increase in three decades. This boosted its key rate by three-quarters of a percentage point to three per cent.
Bailey explained that the Bank was “increasing the bank rate because inflation is too high.”
