⚡️BREAKING - The energy price cap from October will rise to £3,549 for an average bill in a typical household in England, Scotland and Wales.
Broadcaster and financial journalist
The Bank of England, along with most other major central banks, is raising interest rates to try and fight inflation. The theory is that if you make borrowing money more expensive, you reduce demand within the economy because people and businesses will spend less. As demand falls, businesses will have to reduce their prices, which ultimately helps to bring down inflation.
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