Bank of England raises interest rate to 4%, highest since 2008

2023-02-02T12:29:51.939Z

The objective is to counter inflation which still exceeds 10% in the United Kingdom. The Bank of England raised its key rate by 50 basis points to 4%, the highest level since 2008, to counter inflation that is still above 10% in the United Kingdom, but paved the way for the end of the cycle of tightening. “ If there is evidence of persistent (inflationary) pressures, then further tightening of monetary policy would be necessary ,” said the BoE in the minutes of its meeting, which