Interest rates see biggest hike in 27 years

Sky News published this video item, entitled “Interest rates see biggest hike in 27 years” – below is their description.

Economist Jagjit Chadha says the rise in interest rates to 1.75% is part of a “return to normality”.

The rate has been raised by 0.5 percentage points, as the Bank of England seeks to rein in accelerating inflation.

Sky News YouTube Channel

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About This Source - Sky News

Sky News is a British free-to-air television news channel and organisation. Sky News is distributed via a radio news service, and through online channels. It is owned by Sky Group, a division of Comcast. John Ryley is the head of Sky News, a role he has held since June 2006.

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In This Story: Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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