You can follow the latest developments on our Business live blog. Meanwhile, Szu Ping Chan reports that the Bank has upgraded its growth forecasts by the biggest amount on record as it scrapped its prediction of recession this year. Trevor Williams argues that the Bank is now overcompensating for its mistakes on inflation.Īnd Ruby Hinchliffe writes that the clock is ticking for savers to cash in on high interest rates - these are the eleven savings accounts with the best interest rates for 2023. Just hours after Bank governor Andrew Bailey increased interest rates to their highest level in 15 years, blaming a "very big underlying shock" in food prices, some of Britain's biggest grocery giants were summoned for questioning over alleged profiteering. Grocers summoned to explain food price shock as interest rates hit 15-year high We have the latest, as the Bank scrapped its prediction of recession this year. Supermarket bosses have been summoned to the Treasury to explain surging food prices, as the Bank of England increased interest rates to their highest level in 15 years.
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