Interest rates up in the UK to curb inflationary pressures

The Bank of England has become the first big global central bank to raise borrowing costs since the since coronavirus health crisis began. The bank’s governor says action is needed to counter rising consumer prices, as it raises the rate from 0.1 per cent to 0.25 per cent.

Inflation is forecasted to jump 1.7 per cent over the latest quarter, up from an increase of 1.3 per cent for the same period a year earlier. Source: Getty Source: Getty