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FTSE 100 Live: Interest rates up by 0.50% to 2.25% as Bank of England fights inflation

·1-min read
 (Evening Standard)
(Evening Standard)

Interest rates are up by 0.50% today as Bank of England policymakers continue their fight against inflation, but without adopting a larger 0.75% increase.

The increase to 2.25% will add to the strain on many household budgets.

Last night, the Federal Reserve hiked its interest rate by 0.75% for the third meeting in a row and scaled back forecasts for US growth. There have also been rate rises today in Norway and Switzerland as central bankers around the world grapple to contain rising prices led by surging energy costs after Russia’s invasion of Ukraine.