The Bank of England has announced a pre-Christmas interest rate hike from 0.1% to 0.25%, after figures released earlier this week showed a bigger than expected leap in inflation to 5.1% in November, which added weight to the argument for a rise.Officials have been under pressure to curb cost of living increases though calls for an increase have been dampened by the arrival of the Omicron wave of Covid-19 and fears over its likely economic impact.Responding to the Bank of England’s first base rate rise in three years, Martin Lewis says while the rise from 0.1% to 0.25% isn’t massive in itself, it’s a signal which might be indicative of more to come.
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