Bank of England increases interest rates to 4%
The Bank of England has increased interest rates from 3.5% to 4%. This is the tenth consecutive interest rate rise.
The Bank of England’s Monetary Policy Committee (MPC), who set interest rates voted as follows:
- 7 members voted to move interest rates to 4%.
- 2 members voted to keep interest rates at 3.5%.
The MPC confirmed, UK domestic inflationary pressures have been firmer than expected, with both private sector regular pay growth and services CPI inflation notably higher than forecasted in their November report.
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All information is correct as at 02/02/23.