The Bank of England has hiked the official cash rate in December from 0.1 per cent to 0.25 per cent.
It is the first interest rate hike in over three years.
The Bank of England says the hike was necessary to deal with rising inflation and a fall in the unemployment rate.
It joins New Zealand and South Korea in making the first move to raise interest rates around the world.
The move places increased pressure on the Reserve Bank of Australia, who has firmly stated the cash rate will not rise until late 2023.
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