The Bank of England has increased the base rate by 0.25% to 0.75%.
Commenting, Chris Leslie MP, leading supporter of the People’s Vote campaign, said:
“Our economy is both weak and subject to inflationary pressures largely because of the risks and uncertainty of Brexit. Interest rates are rising to prop up a pound that is struggling to hold its value on the foreign exchanges.
“Increasing interest rates might be necessary to hold inflation in check, but it is bad news for those trying to raise funds to finance investment – something we desperately need to increase productivity and competitiveness in the face of cutting ourselves off from the Single Market and Customs Union under Theresa May’s plans for a hard Brexit.
“Brexit has not even happened and already it is weakening and damaging our economy. No wonder more and more people are joining the demand for a People’s Vote on the final Brexit deal."