Bank of England hikes interest rates to 4%

The Bank of England has once again pushed up interest rates, in the tenth hike in a row. Seven members of the Bank of England’s Monetary Policy Committee (MPC) voted to increase the base interest rate from 3.5% to 4% to help bring down double-digit inflation, with two voting to keep it unchanged. The decision comes after BoE Governor Andrew Bailey provided some optimism for the future of the UK economy as he insisted the country has turned a corner on rising inflation. .