Bank of England base rate rises further

Late last week, the Bank of England (BoE) Monetary Policy Committee announced that the BoE base rate of interest had been increased from 3.5% to 4%. The committee, which sets monetary policy to meet the 2% inflation target, held its meeting on 1 February. From the nine voting members, seven voted in favour of increasing the base rate by 0.5%. Two members had preferred to retain the current 3.5% rate.

Source: Bank of England