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Daily Mirror
Daily Mirror
Business
Graham Hiscott

Why has the Bank of England hiked interest rates? All your questions answered

Bank of England Interest Rates Liz Truss Economy Monetary Policy Committee MPC

The Bank of England today announced its biggest interest rate hike in more than 30 years.

Already-struggling Brits have been warned the country could face its longest recession on record after the central bank’s Monetary Policy Committee (MPC) voted to increase its base rate from 2.25% to 3% - the highest since the global financial crash of 2008.

Further increases “might be required” to tackle soaring inflation, it said.

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