Bank of England raises interest rates as it warns of recession and 10% inflation

Rise to 1% is fourth successive increase and highest level since February 2009

The Bank of England has warned that the cost of living crisis could plunge the economy into recession this year, as it increased interest rates to tackle soaring inflation that is expected to rise above 10% in the coming months.

Threadneedle Street’s monetary policy committee (MPC) voted by a majority to raise its base rate from 0.75% to 1%, lifting the cost of borrowing to the highest level in 13 years, as it sounded the alarm over the risks from spiralling inflation exacerbated by Russia’s war in Ukraine.

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