FLGB - BOE raises interest rate by 25 basis point to 4.5% 12th consecutive rise
2023-05-11 07:03:27 ET
The Bank of England raised the bank rate by 25 basis points to 4.5% in May 2023, marking the twelfth consecutive rate increase.
The move is in line with market expectations.
Borrowing costs are now at fresh highs not seen since 2008, as the central bank continues to battle double-digit inflation.
The annual inflation rate in the UK was 10.1% in March, which is five times higher than the bank's target of 2%.
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BOE raises interest rate by 25 basis point to 4.5%, 12th consecutive rise