MONEY: Bank warns interest rates to rise by ‘as much as needed’ to rein in inflation

The Bank of England today warned it is ready to hike interest rates “by as much as needed” to rein in inflation.

The warning came amid panic in the markets over Friday’s mini-budget, which sparked a sharp fall in the value of the pound, which touched a record low a little above $1.03 against the US dollar in early trading today.

Traders were spooked by the prospect of chancellor Kwasi Kwarteng’s, PICTURED, unfunded £45bn tax giveaway stoking inflation.