Bank of England unveils biggest interest rate rise in 27 years

The Bank of England raised interest rates by half a percentage point on Thursday in the biggest increase in the cost of borrowing for 27 years.It is the sixth consecutive hike from the Bank’s Monetary Policy Committee (MPC) since December and lifts its key lending rate from 1.25 per cent to 1.75 per cent.The move, which was widely expected in the City, will mean an immediate increase in mortgage bills for millions of home owners on tracker or variable mortgages that move in line with the Bank of England rate.

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