Politics.co.uk staff

Government on ‘war footing’ as inflation reaches 40-year high

‘War footing’ as inflation hits 10.1%.

Interest rates see their biggest rise in 27 years

The Monetary Policy Committee (MPC) of the Bank of England has this lunchtime announced that it is increasing interest rates by 0.5% to 1.75%. This is the biggest rise in interest rates for 27 years. At its meeting on 3 August 2022, the MPC voted by a majority of 8–1 to increase Bank Rate by… Read more »