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In 2014 there were 575 applications and 125 acceptances, taking the rate up to to 21.7%.
The minimum for workers aged between 18 and 21 was also increasing by 10p, taking the rate to £3.60 an hour.
By one estimate – arrived at by taking the rate of mortality among sick and wounded soldiers in the war's first chaotic year and extrapolating it across the carnage that followed – Hammond's initiatives saved nearly 26,000 lives.
Going downAs expected, America's Federal Reserve cut interest rates by half a percentage point to 4%, the fifth cut this year, taking the rate to its lowest level for seven years.
The City is pricing in another rise after that, taking the rate to 6.0% by the end of the year, and there seems little chance of any easing in 2008.Household budgets have already been squeezed hard in recent years by rising taxes and higher inflation.
Today, the chancellor announced a tax cut for that sector, taking the rate back to the levels of 2011.
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The latest increase took the rate at which the central bank lends to commercial banks to 7.25%.
That would take the rate beneath the record low of 3 percent in the worst days of the global financial crisis.
A second refinance this month would take the rate to 4.29 percent and knock another $550 off their monthly payment.
12.11pm BST Pound falls The pound has tumbled by more than a cent against the US dollar after the Bank of England took the rate step of issuing a statement.
The stronger pound could make inflation fall further in the near term but then bounce back faster to take the rate above 2% by the end of 2016.
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