UK interest rate rise: Bank of England reveals biggest interest hike since 2008 amid cost of living crisis

The Bank of England has upped its interest rates by 0.5% – the most significant rise seen since 2008.

The base rate has been hiked from 1.75% to 2.25%, a speedy increase after it was last raised in August of this year.

It comes as the Bank, which is the central point for finance in the UK, attempts to tackle inflation amid the cost of living crisis.

The Monetary Policy Committee (MPC) said: “The Committee will, as always, consider and decide the appropriate level of Bank Rate at each meeting.