Bank of England raises interest rate to 4% in first hike in more than three years
The Bank of England raised its interest rate by a quarter percentage point to 4% on Thursday, its first increase in more than three years. All nine Monetary Policy Committee members supported higher rates, with Catherine Mann preferring a half-point rise. Governor Andrew Bailey cited inflationary pressure from pre-existing energy costs and said a second increase was more likely than not if energy prices remained around their existing levels.