Interest rates rise to 1% as Ukraine war compounds cost-of-living crisis

The Bank of England raised interest rates to 1% as it warned the economy will go into reverse and that inflation will peak at more than 10% as the Ukraine war compounds a crippling cost-of-living crisis. Members of the Bank’s nine-strong Monetary Policy Committee voted 6-3 to increase rates from 0.75% to 1% – the fourth time in a row that they have voted for a rise - taking rates to a level not seen since 2009.

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