Bank Of England Lifts Interest Rate To 4%, First Hike In Over 3 Years

India, Nov. 5 -- The U.K. central bank raised its key interest rate on Thursday, as expected, for the first time since 2023 in an attempt to cushion the future impact of the second-round effects of high energy prices and warned that more hikes would be necessary if the Middle East conflict does not resolve fast.

The Monetary Policy Committee of the Bank of England, led by Governor Andrew Bailey, raised the bank rate by 25 basis points to 4.00 percent. The decision was taken by a split-vote of 8-1 as policymaker Catherine Mann was in favor of a bigger 50 basis points hike to 4.25 percent.

For comments and feedback contact: [e-mail]

Published by HT Digital Content Services with permission from RTT News....