Bank of England raises interest rates to 2.25%, its highest since 2008

The Bank of England has raised interest rates by 0.5 percentage points to 2.25% in an attempt to combat soaring inflation amid the cost of living crisis.

Threadneedle Street raised its key base rate for the seventh consecutive time, judging the risk of inflation becoming persistently embedded in the economy outweighed the short-term danger of recession.

The City had been braced for a rise of at least half a percentage point, although the move stopped short of expectations by many traders for a 0.75 percentage point increase.

The decision by the Bank’s monetary policy committee takes rates to the highest level since 2008.

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