The Latest Breaking News from Bank of England

Millions face unprecedented spike in energy bills and second-biggest fall in living standards since records began

The ASX plunges by nearly $60 billion after Wall Street stocks plummet, as investors worry about the need for larger interest rate increases to stem inflation, while the Bank of England raises rates for a fourth time.

The MoneySavingExpert warned how mortgage repayments will become more expensive after the Bank of England raised interest rates earlier today.

Were I the UK’s governing party, I would choose not to have my central bank raise interest rates, predict double-digit inflation and warn of a recession halfway through polling day. But such are the joys of Bank of England operational independence.

The Money Saving Expert tweeted after the Bank of England raised interest rates from 0.75 percent to one percent amid soaring inflation

Bank of England has warned inflation will hit 10 per cent and growth will contract in the final three months of 2022

Experts are predicting further rates rises but warn it will be difficult for the Bank of England to control inflation without risking recession.

Interest rates are now at the highest level in 13 years

The interest rate going up to 1% has implications for borrowers and savers. Here’s how it could affect you