https://www.bbc.co.uk/news/business-61319867

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The Bank of England has warned the UK economy will shrink this year as it raises interest rates to try to stem the pace of rising prices.

Rates rose to 1% from 0.75%, their highest level since 2009 and the fourth consecutive increase since December.

Inflation, at its highest for 30 years, is set to breach 10% by the end of the year

Raising rates makes it more expensive for consumers and businesses to borrow. The idea is that people start spending less, helping cool demand for goods and services and, in turn, slowing the pace of price rises.

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I am not convinced it's going to work as people aren't spending more because they choose to, aren't forcing up prices as a result. People are spending more simply because prices are soaring.

All it's going to do is make those with mortgages and loans suffer even more hardship.

The Halifax were so eager to grab money from their customers and put it in their own pockets they announced their rate hikes even before the BoE decision.

I am sure supermarkets and other businesses will also use the rate rise as an excuse to gouge their prices ever higher; any pretext will do.

With Shell, BP, Sainsbury's and others announcing massive increases in profits it seems the rich elite are going to keep getting richer while the poor keep getting poorer.

Capitalism is working just as it was intended to. Taking from the poor to give to the rich has never been so easy or as rewarding.