The Bank of England has announced it will raise interest rates by 0.75 percentage points to 3% despite worries that higher interest rates could be harmful to the economy.
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“Quite simply, we are increasing bank rates because inflation is too high and it’s the bank’s job to bring it down,” said the Bank of England governor, Andrew Bailey, on Thursday. “People should not have to worry about inflation as they go about their daily business, that is why we’ve been increasing interest rates and did so today.”
This is the eighth consecutive time bank rates have risen since December 2021, and is the single biggest increase since 1989.
Bank of England warns of longest recession since the 1930s ► https://www.theguardian.com/business/2022/nov/03/bank-of-england-raises-interest-rates-to-3-percent
How will the UK interest rate hike affect you? ► https://www.theguardian.com/business/2022/nov/03/how-will-the-uk-interest-rate-hike-affect-you
UK in ‘prolonged recession’, Bank of England warns, as it hikes interest rates to 3% – business live ► https://www.theguardian.com/business/live/2022/nov/03/bank-of-england-interest-rates-inflation-pound-recession-ftse-stock-market-business-live
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