The Bank of England has announced that interest rates in the UK will increase to 0.25%. This is the first time rates have risen in more than three years, having been at a considerably low rate since 2018.
In March last year, interest rates were reduced to just 0.1% to help the economy in the midst of the coronavirus pandemic. The increase has now been put in place, as voted by Monetary Policy Committee, despite fears that the new Omicron variant could damage the UK economy once again. READ MORE: From a 12-bed mansion in Sale to a Beetham Tower flat: The most-viewed homes in Greater Manchester this year The Bank of England are said to have made this decision in a bid to control inflation.
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