The Bank of England’s Monetary Policy Committee voted by a majority of 6-3 to increase Bank Rate by 0.25 percentage points, to 1.25%. Interestingly, the members in the minority preferred to increase Bank Rate by 0.5 percentage points, to 1.5%…(Bank of England)
The Consumer Prices Index rose by 7.8% in April, up from 6.2% in March. This was the highest rate since April 1991.
Borrowing costs are now at the highest rate in 13 years.