Bank of England will ‘not hesitate’ to raise interest rates amid market turmoil

The Bank of England says it "will not hesitate" to intervene after Kwasi Kwarteng's mini-budget announcement sent the market into turmoil, plummeting the value of the pound.

After the pound sterling dropped to its lowest level in at least half a century, the bank said it is prepared to raise interest rates in a big to prop up the value of the currency.

Facing significant backlash to his tax-cutting economic plan announced in the House of Commons last week, the chancellor said he will bring forward a “medium-term fiscal plan” to start bringing down debt levels.

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