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Birmingham Post
Birmingham Post
Business
Anna Wise, PA Business Reporter & Alistair Houghton

Interest rates rise to 4% as Bank of England prepares for 'shallow' recession

Bank of England Inflation Interest Rates Recession Andrew Bailey Monetary Policy BusinessLive MPC

The Bank of England has raised interest rates to 4% - its tenth rise in a row.

The Bank's Monetary Policy Committee voted by a majority of 7–2 to increase the Bank Rate by 0.5 percentage points, to 4%.

But many analysts think the Bank may be heading towards the end of its cycle of rate hikes - which could be good news for borrowers. Rates could peak at 4.5% or 4.25% next month, before coming back down.

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