BusinessPhoto: Business StandardBank of England Raises Rates for First Time Since 2023
The Bank of England raised interest rates to 4% from 3.75%, its first increase in over three years, citing inflation pressures from high energy costs and ongoing US-Iran conflict. Inflation is expected to reach around 5% by mid-2024, more than double the target. Governor Andrew Bailey indicated more hikes may follow if the Middle East conflict continues. The Monetary Policy Committee voted 8-1 for the increase, with one dissenting vote favoring a larger hike.
Business Standard·


