Bank of England raises interest rates for first time in three years

In depth

The Bank of England raised its interest rate by 0.25 percentage points, to 4%. This is the first hike since August 2023. The decision was made against the backdrop of rising inflation and higher energy prices.

According to Ynet, inflation reached 3.5%, and the bank expects it to jump to about 5% in the middle of next year. According to Bizportal, the bank warns that if the war continues, further hikes may be required.