INTEREST rates will stay higher for longer, the Bank of England has said for the first time, in an effort to battle soaring price rises reports the BBC.

The Bank revealed the tactic to try and curb the rising cost of living as it raised rates again to 5.25% from 5%.

Borrowing costs are now at their highest for 15 years, and will mean higher mortgages and loans payments but should also mean higher savings rates.

The Bank was more downbeat on growth, but said the UK would avoid recession.

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https://www.bbc.co.uk/news/business-66384289