Bank of England raises interest rates to 3% in largest single move for 30 years

“Quite simply, we are increasing bank rates because inflation is too high and it’s the bank’s job to bring it down,” said the Bank of England governor, Andrew Bailey, on Thursday. “People should not have to worry about inflation as they go about their daily business, that is why we’ve been increasing interest rates and did so today.”

This is the eighth consecutive time bank rates have risen since December 2021, and is the single biggest increase since 1989.