Skip to content
Sign In Subscribe
Bloomberg — Economy — Inflation — Economics — Monetary Policy — Interest Rates

BOE Steps Up Inflation Fight With Shock Rate Hike to 5%

The Bank of England unexpectedly raises interest rates by half a percentage point to 5% to tackle the worst bout of inflation since the 1980s, warning it may have to hike again. UK borrowing costs could keep rising through the summer and rising mortgage rates could lead to a mortgage 'time bomb'.

1 min read
  • Bank of England unexpectedly raises interest rates by half a percentage point to 5%.
  • Move aimed at tackling the worst bout of inflation since the 1980s.
  • Policy makers warn further tightening may be needed if inflation persists.
  • UK borrowing costs could keep rising through the summer.
  • Rising mortgage rates could lead to a mortgage 'time bomb'.
BOE Steps Up Inflation Fight With Shock Rate Hike to 5%
The Bank of England unexpectedly raised its benchmark interest rate by a half percentage point, stepping up its fight against the worst bout of inflation since the 1980s and warning it may have to hike again.
BloombergPhilip Aldrick

More in Inflation

More in Economy

More from Bloomberg

Latest