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UK interest rates have been raised to 2. 25% from 1. 75%, marking their highest level in 14 years.
At 9. 9%, it remains five times higher than The Bank of England's target of 2%.
Inflation is also widely predicted to head higher in October despite.
Raising interest rates makes it more expensive to borrow which should, theoretically, encourage people to borrow less and spend less. It should also spur people to save more.
Although interest rates are now at a 14-year high, they are still comparatively low by historical standards.
Following The financial crisis, borrowing costs have stayed at, or close to, record lows after The Bank of England intervened with cuts following The UK's vote to leave The European Union in 2016 as well as during The Covid pandemic.
Source of news: bbc.com