Bank of England raises interest rates to 4.25 percent to combat inflation surge — The new rate is the highest recorded since October 2008...

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Published (Updated) on Thursday, March 23, 2023

The Bank of England (BoE) has announced its decision to raise its interest rates from 4 percent to 4.25 percent in an effort to counteract the current surge in inflation. The new rate is the highest recorded since October 2008.

This is the 11th consecutive time in less than 18 months that the BoE has hiked interest rates. The bank’s monetary policy committee (MPC) voted by a majority of seven to two to increase the base rate of interest by 0.25 percentage points. The MPC said it expected the surge in inflation to cool sharply in the coming months.

However, the bank also mentioned that if there were any more persistent inflationary pressures, then further tightening of monetary policy would be necessary. This move follows other central banks around the world that have increased interest rates due to the persistent global inflation.

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