The Bank unexpectedly pushed up interest rates by half a percentage point to the highest level in almost 15 years, with policymakers and the UK Government coming under mounting pressure to control the cost-of-living crisis.
The move is set to deepen the mortgage crisis as borrowing costs are hiked up for the 13th time in a row.
Speaking at the Times CEO summit in London, the Prime Minister said: “The reason interest rates are going up is because inflation is too high and we’ve got to bring it down.
“This is something that makes everybody poorer, that’s what inflation does.
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