Raising interest rates to 4% during a cost-of-living crisis contradicts economic forecasts and will likely shock households already struggling with high living costs.
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Bank’s decision goes contrary to analysis from Office for Budget Responsibility that predicts lower inflation and little impetus for wage growthBank of England raises interest rates to 4%Business live – latest updatesAn interest rate rise by the Bank of England to 4% is a big call when households are suffering from a second cost of living crisis in four years.Many people will be incredulous when they hear of the decision to increase the cost of borrowing by 0.25 percentage points, looking around their neighbourhood for signs of a booming economy. Continue reading...
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