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Bank of England raises interest rates to 3%

The 0.75 percentage point rise is biggest hike since 1989 as Bank moves to calm soaring inflation

The Bank of England has raised interest rates by 0.75 percentage points to 3% to calm inflation that has soared this year in response to spiralling energy and food bills.

In line with financial market expectations, the central bank’s monetary policy committee increased the cost of borrowing despite gloomy forecasts that showed the economic outlook deteriorating next year.

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