Bank of England raises rate to 4%

The Bank of England has raised its interest rates by half a point.

Source: Wikipedia. Bank of England Building, London.

This is its 10th consecutive increase - the highest since 2008.

According to the Bank of England, the UK economy will not reach pre-pandemic levels until 2026. That’s *seven years* of lost growth.
The UK is currently the only G7 country whose economy is still smaller than before the pandemic.
— Matthew Thompson (@mattuthompson) February 2, 2023

Global consumer price inflation remains high, although it is likely to have peaked across many advanced economies, including in the United Kingdom, the Bank said in a public address.