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What is a 'rate increase'?
A 'rate increase' means the Bank of England has decided to raise the base interest rate. This makes borrowing money, like for mortgages or business loans, more expensive. The story mentions markets expect more rate increases because higher rates can help control inflation, which is currently above the Bank's target.
Stories that explain this
UK inflation hits 2.9%, but the pound still gainsQuestions this opens up
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