Bank of England makes 11th consecutive base rate rise
The Bank of England has raised interest rates by a quarter of a percentage point to 4.25% in response to higher-than-expected UK inflation.
This marks the 11th consecutive rise to the base rate since December 2021.
A base rate hike was more likely given the decision by the US Federal Reserve for a 25 basis point hike to its interest rates yesterday. The European Central Bank has also been increasing rates with a 0.5% rise last week, and more is expected.
In the euro area, GDP had been flat in 2022 Q4, in line with the projection in the February Report, and was expected to increase by 0.1% in 2023 Q1, stronger than had been incorporated into the February Report.
Bank of England Governor Andrew Bailey warned the UK was "not off to the races", with the economy expected to grow only slightly in the coming months.
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