Labour say it was an unnecessary ‘hammer blow for working people’

Shadow Chancellor Rachel Reeves has labelled the latest rise in interest rates as a “hammer blow for working people” which did not need to happen.

The Bank of England raised the base rate for the 14th time in a row on Thursday, taking it to 5.25 per cent in a bid to bring inflation under control.

The Bank said it expects the Government to meet its promise to halve inflation by the end of the year.

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