Bank of England increases interest rates to 1%
The Bank of England has increased interest rates from 0.75% to 1%. This is the fourth consecutive rate rise.
This increase in interest rates is an attempt to control the soaring cost of living.
The Bank of England’s Monetary Policy Committee (MPC), who set interest rates, voted 6 to 3 to increase rates to 1%. The remaining 3 members voted to increase rates by 0.5% to 1.25%.
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All information is correct as at 05/05/22.