Bank of England raises policy rate by 50 basis points to 4%

By Gokhan Ergocun

ISTANBUL (AA) – The Bank of England on Thursday raised its policy interest rate by 50 basis points to 4%.

This is the bank’s 10th consecutive hike since December 2021.

The interest rate was at 0.1% in November 2021.

In a statement, the bank said global inflation rates are still high despite decreasing energy prices and an easing of global supply chain issues.

“Near-term data developments will be crucial in assessing how quickly and to what extent external and domestic inflationary pressures will abate,” the statement said.