The Bank of England raised interest rates from 0.5 per cent to 0.75 per cent on Thursday, underlining its resolve to fight soaring inflation, which is now expected to hit 8 per cent by the end of June.
The quarter-point rise — the third back-to-back increase since December — has returned interest rates to their pre-Covid level and places the BoE at the forefront of a global move to tighten monetary policy, following this week’s increase by the US Federal Reserve.
The Monetary Policy Committee said Russia’s invasion of Ukraine would “accentuate both the peak in inflation and the adverse impact on activity by intensifying the squeeze on household incomes”.
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