Rachel Reeves responds to Bank of England raising interest rates to 0.25%

Rachel Reeves MP, Labour's Shadow Chancellor of the Exchequer, responding to the Bank of England's decision to raise interest rates to 0.25% from 0.1%, said:

"Prices have been soaring and many are feeling the pinch, so families will be concerned about additional pressures on their finances from higher mortgage payments and other debt.

"The Chancellor should get on a plane back from California and get to work on a plan for growth, and crucially a plan to tackle the cost of living crisis.

"That must start immediately by scrapping VAT on household gas and electricity bills to ease some of the burden this winter."