Bank warns interest rates to rise by ‘as much as needed’ to rein in inflation

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September 26, 2022 View in browser Bank warns interest rates to rise by 'as much as needed' to rein in inflation   By Andrew Woodcock The Bank of England today warned it is ready to hike interest rates "by as much as needed" to rein in inflation.   The warning came amid panic in the markets over Friday's mini-budget, which sparked a sharp fall in the value of the pound, which touched a record low a little above $1.03 against the US dollar in early trading today.   Traders were spooked by the prospect of chancellor Kwasi Kwarteng's unfunded £45bn tax giveaway stoking inflation.   Read the full story OTHER STORIES YOU MIGHT LIKE > Mortgage borrowers could see monthly bills climb higher > UK 'in recession' amid Bank of England interest rates hike > 'A matter for the Bank of England': Liz Truss refuses to discuss if UK in recession OTHER NEWSLETTERS YOU MIGHT LIKE Health Check Every Thursday, 7am (UK time) Written by Rebecca Thomas Join now The Race Report Fortnightly, 7am (UK time) Written by Nadine White Join now If you can spare a minute we'd love your feedback on our newsletters. Join the conversation or follow us Please do not reply directly to this email You are currently registered to receive The Independent's Breaking News newsletter. Add us to your safe list of senders.   If you do not want to receive The Independent's Breaking News newsletter, please unsubscribe.   If you no longer wish to receive any newsletters or promotional emails from The Independent, you can unsubscribe here.   This e-mail was sent by Independent Digital News and Media Ltd, 2 Derry Street, London W8 5HF. Registered in England and Wales with company number 07320345. Read our privacy notice and cookie policy.