Politics

Cost of living: Bank of England raises interest rate to 1.25%

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Posted: 16/06/22 - 12:11
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The Bank of England has raised interest rates from 1% to 1.25% as it tries to get a handle on soaring inflation

The rate rise follows another last month, when rates went up from 0.75% to 1% - they are now at the highest since 2009

Raising the interest rate is one way to curb inflation - by making borrowing more expensive and encouraging people to spend less

The UK's inflation rate - the increase in prices for goods and services - hit 9% last month, with warnings it could top 10% this year

Raising the interest rate makes mortgages and loans more expensive but increases the return on savings
Yesterday, the US central bank

I Call Bull: I hate the fact that I am right but an hour ago I predicted this https://bit.ly/3OcQUMI and I'm sure in the coming months they will hike it another 0.25 - 0.5%

Milka
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3 Comments
15 days
3 upvotes
As I said in the previous story, this unjustifiable rise will benefit the wealthy and destroy 1000s of working people who are already struggling to pay their mortgages.
15 days
3 upvotes
as sure as night follows day............
16 days
2 upvotes
So those that rely on borrowing to make ends meet are going to be in even more trouble then