Bank of England raises interest rates

interest rates

The Bank of England has raised interest rates for the first time in over three years from 0.1% to 0.25%. 

 

An increase of 0.15% came despite fears that the Omicron variant of Covid could slow the UK economy by causing people to spend less.

 

Latest figures show the inflation rate has risen to 5.1% with energy, food and second-hand car figures forcing up the cost of living.

 

The Bank’s Monetary Policy Committee (MPC) voted 8-1 in favour of the increase.