BREAKING: Britain’s interest rates have risen to 4.5%, the Bank of England's highest level since 2008.
Policymakers at the Bank of England have raised interest rates 12 consecutive times since December 2021 Seven members of the Bank’s Monetary Policy Committee voted to increase the base interest rate for a 12Food prices have stayed higher for longer than expected, the Bank said, partly due to Russia’s war in Ukraine and poor harvests in some European countries, ramping up the cost of living for households across the UK.
Inflation is still expected to drop sharply from April this year, as energy prices decline and household bills are subsidised, the MPC said. Inflation is expected to decline to 5.1% in the fourth quarter of the year, meaning the Government would narrowly hit its target to halve inflation by the end of the year.
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