Bank of England raises interest rates to 3%, largest jump in 33 years

In the UK, inflation is 10%, and the interest rate is 3%. Would you keep your money in a bank account or in crypto?

Desperate times call for desperate measures. The Bank of England, effectively the United Kingdom version of the Federal Reserve, has raised interest rates by the highest rate in 33 years.

The Bank of England's Bank Rate, or the cost of borrowing money, rose by 0.75% to 3%. According to the Monetary Policy Committee , the Bank of EnglandU.K. Interest rates hockey stick to 3%. Source: BankofEngland

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