Bank of England raises interest rates to 3.5% in ninth increase in a year

Majority of MPC rate-setters back hike of 0.5 percentage points despite fears UK is entering a long recession

Analysis: UK borrowers face a serious reality check

The Bank of England has raised interest rates by 0.5 percentage points to 3.5% in an effort to combat double-digit inflation that has caused a widespread cost of living crisis.

Members of the central bank’s monetary policy committee (MPC) voted to increase the cost of borrowing after the consumer prices index in November showed annual inflation of 10.7%.

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​Majority of MPC rate-setters back hike of 0.5 percentage points despite fears UK is entering a long recessionAnalysis: UK borrowers face a serious reality checkThe Bank of England has raised interest rates by 0.5 percentage points to 3.5% in an effort to combat double-digit inflation that has caused a widespread cost of living crisis.Members of the central bank’s monetary policy committee (MPC) voted to increase the cost of borrowing after the consumer prices index in November showed annual inflation of 10.7%. Continue reading…