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Bank of England raises interest rates to 13-year high of 1% to curb inflation

Fourth successive rate rise to highest level since February 2009 comes amid cost of living crisis

The Bank of England has raised interest rates to their highest for 13 years, with a 0.25 percentage point increase to 1%, as it responds to soaring inflation.

It was the fourth consecutive rate rise from the Bank’s monetary policy committee (MPC), and takes borrowing costs to a level not seen since February 2009.

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