In a move in line with City forecasts, the Bank of England has raised interest rates by 50 basis points to 4 per cent, the highest level since October 2008.
The Bank’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the cost of borrowing – the tenth successive hike – in a bid to bring inflation down to its 2 per cent target. You may recall that rates were at 0.1 per cent as recently as December 2021.
