The Bank of England raises interest rates for the first time since 2023.
The Bank of England raised its benchmark interest rate to 4 percent from 3.75 percent. The decision followed a vote by the Monetary Policy Committee, which saw eight members in favor of the hike. This move marks the first rate increase since August 2023.
- The Bank of England raised interest rates to 4 percent from 3.75 percent.
- The Bank of England sees inflation peaking at an average of 4.8 percent in the second quarter of next year.
- The Bank of England may raise rates again if the conflict in the Middle East continues.
- Britain’s annual inflation rate rose to 3.5 percent in September.
- The Bank of England revised up its growth expectations for this year to 1.6 percent.
- Eight of the nine members of the monetary policy committee voted for the rate hike.
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