NEWS STORY : Interest Rates Increased by the Bank of England to 4%
STORY
The Bank of England has confirmed that interest rates will increase by 0.5% to 4%, its highest level in 14 years. The Bank said in a statement:
“The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 February 2023, the MPC voted by a majority of 7–2 to increase Bank Rate by 0.5 percentage points, to 4%. Two members preferred to maintain Bank Rate at 3.5%”.
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