Why has the Bank been raising interest rates?

2 months 1 week ago #164714 by geemong
Why has the Bank been raising interest rates?

The cost of living is rising worldwide, with a sharp rise in oil and gas costs - a problem made worse by Russia's invasion of Ukraine.

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One way to try to control rising prices - or inflation - is to raise interest rates.This increases the cost of borrowing and encourages people to borrow and spend less.

It also encourages people to save more.

However, it is a tough balancing act, as the Bank does not want to slow the economy too much and potentially prompt a recession.

Since the global financial crisis of 2008, UK interest rates have been at historically low levels. Last year, they were as low as 0.1%.

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