Bank of England governor explains biggest interest rate hike since the 1980s

Bank of England’s governor has addressed why they’ve implemented the biggest interest rate hike since the 1980s.

“These are big changes and they have a real impact on people’s lives,” Andrew Bailey said, adding, continuing to explain why the move is coming now when people are “already struggling.”

“Well, quite simply, we’re increasing bank rates because inflation is too high, and it’s the bank’s job to bring it down,” he said.

The aggressive 0.75 percentage-point rate rise to 3 per cent has again sent the point plummeting on Thursday, 3 November.

Mr Bailey explains the changes in this video.

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