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UK economy could shrink as interest rates rise to 1%

00:58

UK economy could shrink as interest rates rise to 1%

The Bank of England has raised interest rates to their highest level in 13 years amid the cost of living crisis.

The bank announced on Thursday (5 May) that rates have increased from 0.75 per cent to 1 per cent, a level not seen since 2009 in the aftermath of the financial crash.

It is the fourth time in a row that the bank's Monetary Policy Committee has voted for an increase.

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