The Bank of England has raised interest rates to 4% from 3.5%. Seven members of the Bank of England’s Monetary Policy Committee (MPC) voted to increase the base interest rate from 3.5% to 4%, with two voting to keep it unchanged.
The MPC also softened its language, removing a promise to act “forcefully” to return inflation to its target level.
“Looking further ahead, the MPC would adjust the Bank rate as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit,” the minutes of the meeting said.
