Bank of England unveils biggest interest rate rise in 30 years, Andrew Bailey confirms

The Bank of England has announced the biggest interest rate rise for three decades as it steps up the fight against inflation.

The Bank’s Monetary Policy Committee voted to increase rates by 75 basis points to 3pc.

It marks the eighth consecutive rate rise, and the largest since policymakers scrambled to protect the pound on Black Wednesday in 1992.

The increase also takes the Bank’s interest rate back to levels last reached in November 2008, driving up mortgage costs for millions of borrowers.

It comes after the Federal Reserve last night raised rates by 75 basis points, with Chairman Jerome Powell indicating the cycle of monetary policy tightening is nowhere near done.