Bank of England base rate rises for 12th time

The Bank of England’s Monetary Policy Committee (MPC) last week voted to raise the BoE base rate for a record 12^th time in a row. The MPC sets monetary policy to meet the 2% inflation target and to sustain growth and employment. At its meeting ending on 10 May 2023, the MPC voted by a majority of 7–2 to increase Bank Rate by 0.25 percentage points, to 4.5%. Two members preferred to maintain Bank Rate at 4.25%.

Source: Bank of England