The Bank of England hiked interest rates by 0.75 per cent to 3 per cent on Thursday.
Interest rates are a measure designed to control runaway inflation, which has been battering British households in recent months.
The Bank of England is tasked with keeping inflation - a general increase in the prices of things - under control, targeting 2 per cent a year. In response, the Bank can increase interest rates. That makes it more expensive to borrow money, so people are likely to spend less. People taking out a new loan will soon be quoted a higher interest rate as a result of the Bank's change.
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