The Strategist

Bank of England raises the rate to four percent

02/03/2023 - 08:29

Following its meeting at the end of February, the Bank of England increased its benchmark interest rate by 50 basis points, from 3.5 percent to 4 percent.

N Chadwick
N Chadwick
The central bank's decision was in line with what analysts surveyed by DailyFx expected.

Since October 2008, when it was 4.5%, the rate has never been higher than it is right now. In November and December, the Bank of England increased its interest rate by 75 basis points.

According to the watchdog's report, "the Monetary Policy Committee unanimously voted to raise the rate by 0.5 percentage points, to 4%." It should be mentioned that two committee members chose to maintain the rate the same, while seven voted in favor of the hike.