Interest rates rise for first time in three years

While it is important to note that a 0.15% rise is modest and still leaves base rates very close to historic lows, it is not ideal that this comes at the precise moment where some forms of consumer confidence, especially in terms of going out, appear to be slumping. The Bank's Monetary Policy Committee was briefed by the Chief Medical Officer, Chris Whitty, and intriguingly chose to mention the possibility that Omicron could raise inflationary pressure by further hobbling supply chains for goods, and the supply of workers.