BoE Raises Interest Rates by 0.25%, Highest Level in 13 Years

At its meeting today, the Bank of England (BoE) raised its key interest rate by 0.25% to 1.00%. This is the highest level in 13 years in order to curb the rise in inflation.

The BoE raised interest rates today in line with market expectations – the fourth consecutive rate hike since December 2021.

Inflation in the UK hit a 30-year high of 7% in March, more than three times the BoE’s target, after food and energy prices soared in the wake of Russia’s military action in Ukraine.

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