17/06/2022
BANK OF ENGLAND RAISES INTEREST RATES TO 1.25 PER CENT
The Bank of England (BoE) increased interest rates to 1.25 per cent yesterday in order to tackle rising inflation, the fifth consecutive rise of 25 basis points (The Times). The BoE also upgraded its forecast for inflation, expecting it to peak at over 11 per cent in October this year.
A survey commission by the BBC has found that people struggling with the rising cost of living are reducing their food purchases and car journeys to save money. 56 per cent of the 4,011 people asked had bought fewer groceries, and the same proportion had skipped meals.
