The Bank of England yesterday raised interest rates by half a percentage point as it sought to tame double-digit inflation that is fueling a cost-of-living crisis, public-sector strikes and fears of recession.
The bank’s monetary policy committee voted 7-2 to push its key rate to 4 percent, approving the 10th consecutive rate increase since a post-COVID-19 pandemic surge in the world economy and Russia’s war in Ukraine drove inflation to 40-year highs.
Economists suggest this might be the last big rate increase for Britain’s central bank as inflation begins to slow.
Photo: EPA-EFE
“The extent to which domestic inflationary pressures ease will depend on the evolution of the economy, including the impact of the…
