Bank of England Raises Interest Rates to 4% Amid High Inflation
The Bank of England has increased interest rates to 4%, marking its first hike since 2023, in response to rising inflation expected to reach 4.8% in Q2 next year. Governor Andrew Bailey warned that more rate increases may be needed due to ongoing global conflicts. The British pound strengthened against the US dollar, and economists have raised growth forecasts following improved economic data.
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