Pound weakened after interest rate announcement - latest
The Bank of England has raised interest rates to 5.25% from 5%.Inflation is falling and that’s good news. We know that inflation hits the least well off the hardest and we need to make absolutely sure that it falls all the way back to the 2% target.Decision to be announced at 12pmWe'll have live reaction here as the verdict comes in.
Many people with mortgages or loans will be understandably worried about what this means for them... but inflation is still too high and we've got to deal with itKieran IsginThe Office for Budget Responsibility recently said that government reliance on short-term loans and debt has driven up the UK's borrowing costs, forcing it higher than rival nations.
I know families are struggling with the cost of living and that’s why I set it out as my first priority to halve inflation, and we’re making progress.
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