Bank of England raises interest rates to 2.25pc - live updates

Due to surging inflation and a slump in the pound, the Bank of England has raised interest rates again.

A 50-basis-point increase in interest rates was announced by the Bank's Monetary Policy Committee.

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As a result, the interest rate is up 50 basis points from last month, which was the largest increase in 27 years.

Rashtriya Swachhata Kendra inaugurated at Raj Ghat

A 50-basis-point increase in interest rates was announced by the Central Bank on Tuesday

The increase follows the largest in 27 years of 50 basis points last month.

The Bank of Canada did not follow the US Federal Reserve by raising interest rates by 75 basis points, which would have been the largest increase since 1989.

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Following the second consecutive quarter of shrinking GDP, the Bank of England confirmed Britain is in recession.

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