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· UK interest rate hike

Bank of England raises interest rates to 4%

For the first time in three years, the Bank of England has raised interest rates in an effort to curb accelerating inflation.

Bank of England building in London, 2019
Bank of England building in London, 2019 · Photo: MrsEllacott · CC BY-SA 4.0 · Wikimedia Commons

The Bank of England has raised interest rates by 0.25 percentage points to 4%, according to reports by the Guardian and the New York Times. This marks the first interest rate hike in the UK in more than three years. The decision comes amid accelerating inflation, which has reached 3.5% following the conflict in the Middle East and high oil prices. The central bank anticipates that inflation could climb to approximately 5% by the middle of next year. Further details have not yet been released.

Sources: The New York Times, The Guardian, Channels Television

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