Bank of England raised interest rates to 3.5%

بینک آف انگلینڈ نے شرح سود بڑھا کر 3.5 فیصد کر دی

The half a percentage point increase takes UK levels to their highest level in 14 years.

The Bank of England on Thursday raised interest rates by half a percentage point to 3.5 per cent, the highest level in 14 years, and warned that further tightening of monetary policy was likely.

In a vote that showed a majority on the central bank's Monetary Policy Committee called for "stronger" action against high inflation, six of the MPC's nine members supported a 0.5 percentage point rate hike, and one favored a larger 0.75 percentage point increase. Supported.

Sterling fell following the announcement and UK government bond yields rose.

The BoE has now raised interest rates at each of the last nine MPC meetings: the most aggressive hike since 1989.

The Bank of England raised interest rates to 3.5%.

Bank of England Interest Rate (%)

Step chart showing the rise in Bank of England interest rates since 1980.