The Bank of England has announced the interest rate will increase 0.25 percentage points to 4.5%.

The bank's Monetary Policy Committee said that there would be no recession this year, upgrading its economic growth forecasts by more than in any of its previous reports.

However, Britons now face an extra £482 per month on their mortgage since 2021 - during a cost of living crisis.

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#Inflation #Interestrates #costofliving #UK #bankofengland

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