Bank of England raises interest rates by the most since 1995

Bank of England raises interest rates by the most since 1995

The Bank of England raised interest rates by half a percentage point, the most in 27 years. She will evaluate her next moves as events develop. The Bank of England indicated that Britain will enter a recession at the end of 2022, and said that consumer price inflation was now likely to peak at 13.3% in October, the highest level since 1980.

Governor Andrew Bailey said economic uncertainty is exceptionally high and all options are open, stressing that returning inflation to the 2% target remains our absolute priority and there are no stipulations or reservations about that.