The Bank of England has increased interest rates to their highest level in 13 years as it looks to ease the cost of living crisis.
It announced a rise from 0.75 per cent to 1 per cent – a level not seen since in 2009, in the aftermath of the financial crisis the year before.
Thursday’s decision comes as the Bank looks to rein in soaring inflation, which hit a 30-year high in March.
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