Interest rates: Bank of England raises interest rates to 1.25%

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It’s the fifth straight hike across the board trying to tame runaway inflation.

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The Bank of England has hiked interest rates from 1% to 1.25% – the highest level since early 2009, as the cost of living continues to rise.

It’s the fifth straight hike across the board trying to tame runaway inflation.

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The bank also warned that house prices across the country could rise further than previously thought.

Three members of the nine-member Monetary Policy Committee (MPC) voted for an even bigger rate hike, calling for interest rates of up to 1.5%.

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This article will continue to be updated with more information.

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