UK interest rate rise: Bank of England reveals biggest interest hike since 2008 amid cost of living crisis
“The scale, pace and timing of any further changes in Bank Rate will reflect the Committee’s assessment of the economic outlook and inflationary pressures.
“Should the outlook suggest more persistent inflationary pressures, including from stronger demand, the Committee will respond forcefully, as necessary.”Since August, wholesale gas prices have been highly volatile and there have been large moves in the financial markets. Government bond yields have seen a sharp increase globally, meanwhile, the Sterling has depreciated over recent months.
Millions of people across the UK are facing one of the worst-ever cost of living crises in history, with the price of food, electricity, water and gas all soaring.
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