Bank of England announces first interest rate hike in 33 years

The Bank of England has increased interest rates to three per cent in the biggest hike in 33 years as it tries to curb inflation.

The Monetary Policy Committee (MPC) raised the base rate by 0.75 percentage points this afternoon to 3 per cent after warning last month that growing inflationary pressures will require a “stronger response” than previously thought.

The decision has pushed the interest to its highest amount since 2008.

This is the eighth time in a row that the Bank has hiked interest rates. Less than a year ago the rate was 0.1 per cent.

A leading trade union has warned that a hike in interest rates will plunge more workers into debt and financial hardship amid fresh evidence of the impact of the cost-of-living crisis.

Like this article? Share on


Related articles

Information about our own complaints process, raising concerns to the Legal Ombudsman and to us

We want to give you the best possible service. However, if at any point you become unhappy or concerned about the service we provided then you should inform us immediately, so that we can do our best to resolve the problem.

In the first instance it may be helpful to contact the person who is working on your case to discuss your concerns and we will do our best to resolve any issues at this stage. If you would like to make a formal complaint, then you can read our full complaints procedure here. Making a complaint will not affect how we handle your case.

The Solicitors Regulation Authority can help you if you are concerned about our behaviour. This could be for things like dishonesty, taking or losing your money or treating you unfairly because of your age, a disability or other characteristic. 

You can raise your concerns with the Solicitors Regulation Authority.

What do to if we cannot resolve your complaint

The Legal Ombudsman can help you if we are unable to resolve your complaint ourselves. They will look at your complaint independently and it will not affect how we handle your case.

Before accepting a complaint for investigation, the Legal Ombudsman will check that you have tried to resolve your complaint with us first. If you have, then you must take your complaint to the Legal Ombudsman:

  • Within six months of receiving our final response to your complaint; and,
  • Within one year of the date of the act or omission about which you are concerned; or
  • Within one year of you realising that there was a concern.


If you would like more information about the Legal Ombudsman, you can contact them at the following details:

 Contact details

This website uses cookies to ensure you get the best experience on our website. By closing this message, you consent to our cookies on this device in accordance with our cookie policy unless you have disabled them.