BOE Raise Interest Rates to 5%

BOE Raise Interest Rates to 5%

The Bank of England’s Monetary Policy Committee today voted to raise the official Bank Rate paid on commercial bank reserves by 0.25 percentage points to 5.0%.

The UK economy has recorded its fourth consecutive quarter of firm growth. Household spending has been volatile, but the underlying picture appears to be one of moderate expansion.

The recovery in business investment has been maintained. The outlook for growth in the United Kingdom’s main export markets remains positive. Credit and broad money growth remain rapid, and asset prices have continued to rise. Read more about the rise here.