Bank of England Raises Rates for First Time Since 2023
The Bank of England has raised interest rates for the first time since 2023. It also said more increases may come, and expects British inflation to reach around 5% in the middle of next year, more than double its target.
Context
Context: Central banks raise interest rates to slow rising prices, which makes loans dearer. The rate rise comes as Andy Burnham, the new Prime Minister, has tried to ease cost of living pressures.
Burning Potato score: 59%