The Bank of England raised interest rates in the UK by 50 basis points to 1.75%, the sixth time the central bank has raised rates since December.
It’s the UK’s biggest interest rate hike in 27 years, as soaring inflation continues to cripple the finances of millions of families.
In June, annual increases in consumer prices reached a four-decade high of 9.4%, sending millions of Britons into a cost-of-living crisis that has forced many to choose between ‘heating or eating’.
