Will the Bank of England raise rates? What higher interest rates mean for you

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However, when inflation is triggered by external forces, such as the global squeeze on energy prices, then this might not be the answer.

Instead, the Government might choose to cut taxes for consumers on items that are rising quickly.

During recent weeks central banks around the world have started to grow rates to combat high inflation.

On Tuesday, Australia grew its own interest rates for the first time since November 2010.



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