23 Mar 2023

UK interest rates hiked to 4.25% after surprise inflation rise

Economics Correspondent

Interest rates have gone up to 4.25% – their highest level in 15 years.

But although the Bank of England warned that inflation was stubbornly high – they said the economy was getting stronger.

The bank’s governor, Andrew Bailey, dismissed suggestions that there could be a possible repeat of the 2008 financial crisis, insisting that UK banks are robust.