Bank of England interest rate rise the biggest in 27 years

The Bank of England’s rise in interest rate is the biggest jump since 1995.

A rise of half a percentage point brought the rate to 1.75 per cent, as the bank warned the annual rate of inflation could rise above 13 per cent, due to hikes in energy costs in October.

Rising concerns of a recession in the UK before the end of 2022 come after consumer prices rose by 9.4 per cent in June, faster than in the US and the European Union.

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