Bank of England increases interest rates to 5.25%
The Bank of England has increased interest rates from 5% to 5.25%. This is the fourteenth consecutive interest rate rise.
The Bank of England’s Monetary Policy Committee (MPC), who set interest rates voted as follows:
- 6 members voted to move interest rates to 5.25%.
- 2 members voted to move interest rates to 5.5%.
- 1 member voted to keep interest rates at 5%.
With June’s inflation figure of 7.9% being far in excess of the Bank of England’s target of 2%, many analysts had expected an interest rate rise.
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All information is correct as at 03/08/23.