UK central bank could raise borrowing costs by 50 basis points at noon today, for the first time in 27 years, as inflation continues to accelerate
Since last December, the Bank has already increased its key interest rate, Bank Rate, from 0.1% to 1.25%, in response to the rising cost of living.
But the Bank admits it will take time to work (monetary policy operates with a time lag) — and it certainly hasn’t cooled UK inflation yet:
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