The increase in interest rates is expected to lead to a higher cost of borrowing.
The news was reported by Sky's business correspondent Paul Kelso, who explained the link between rising prices and the cost of borrowing.
The article was published on Wednesday, 21st June 2023.
LONDON DAILY ARCHIVE
Bank of England Set to Raise Interest Rates to 4.75% Amidst High Inflation
The Bank of England is expected to raise interest rates to 4.75% on Thursday, 23rd June 2023, due to stubbornly high inflation, with the rate of price rises remaining at 8.7% despite expectations of a fall, according to official figures.
21 June 2023 · 19:29 UTC
