The Bank of England has today raised interest rates to 1.25%, in a move to curb rising inflation.
The rate has risen by 0.25% from 1%, as inflation continues to cause a huge cost of living crisis for people in the United Kingdom.
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 15 June 2022, the MPC voted by a majority of 6-3 to increase Bank Rate by 0.25 percentage points, to 1.25%. Those members in the minority preferred to increase Bank Rate by 0.5 percentage points, to 1.5%.
Full Details – Bank Rate increased to 1.25% – June 2022 | Bank of England
