Interest rates up again - to the highest since October 2008
By Susie Watkins 11th May 2023
By Susie Watkins 11th May 2023
The Bank of England has raised interest rates to 4.5%
The rate went up from 4.25% - the 12th rate rise in a row since December 2021 - with the bankers trying to control inflation, which currently is at 10.1%.
Inflation is at its highest rate for 14 years, in part owing to food prices increasing at their fastest rates for 45 years.
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