NEWS… BUT NOT AS YOU KNOW IT
The Bank of England is set to unveil the biggest interest rates hike in more than 30 years on Thursday as it battles to control the runaway inflation which is hammering British households.
In a crunch meeting, the Monetary Policy Committee is expected push up the Bank’s base interest by 0.75 percentage points to 3% – the highest since the 2008 financial crisis.
The move would represent the biggest single jump since 1989 and potentially add hundreds of pounds to mortgage repayments.
It will be the eighth time in a row that the Bank hikes interest rates. Less than a year ago the rate was 0.1%.