The biggest hike in interest rates for more than three decades is expected to be announced by the Bank of England today. Interest rates are likely to increase by 0.75 percentage points from 1.75% to 2.5% when the Monetary Policy Committee (MPC) meet today. It would be the highest interest rate that the UK has had since the financial crisis. It would also be the highest single increase to interest rates since 1989. The decision to hike interest rates is a bid to keep inflation under control.

Source: The Times September 22, 2022 08:11 UTC