‘Era of low interest is over’ as Bank hikes rates by biggest amount in decades

By Emily Twinch 2022-11-03T14:07:00

Source: Shutterstock

Governor says UK economy will be in recession all of next year and first half of 2024

The Bank of England has today raised the base interest rate 0.75% to 3% to curb spiralling inflation, which hit 10.1% year-on-year in September.

Rising mortgage rates were expected to “weigh on household spending for sometime”, the monetary policy report said.

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