The Bank of England has increased interest rates from 2.25% to 3% – the biggest single rise in the cost of borrowing for more than 30 years.
Cost of living pressures continue to weigh on travel's fortunes (Credit: Tierra Mallorca / Unsplash)
The increase, announced on Thursday (3 November), is the eighth in succession, and the first since Liz Truss and Kwasi Kwarteng’s disastrous mini-Budget.
Truss and Kwarteng’s plan spooked the financial markets, sending mortgage rates in particular soaring.
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