Bank of England increase interest rates to 5%
manchestereveningnews.co.ukThe Bank of England (BoE) has agreed to raise the Base Rate for the 13th time in a row. The Bank's Monetary Policy Committee decided to raise the Base rate from 4.5 per cent to 5 per cent per cent - a rise of .5 per cent.
It means the UK's interest rate is now higher than it was during the early stages of the 2008 financial crisis which topped at 4.5 per cent.
It comes after figures from the Office for National Statistics (ONS) revealed this week that inflation rates have not changed despite a consistent increase in interest rates.
In May, the Consumer Prices Index (CPI) remained at 8.7 per cent - the same rate for April. Join our WhatsApp Top Stories and Breaking News group by clicking this link The BoE raises interest rates to ensure that inflation is brought down.
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