Money4 updates
Bank of England interest rate hike
What happened before and after this story. Background events not previously covered were summarised by AI.
- Background
Bank of England raises Bank Rate to 5.25%, highest since 2008
On 3 August 2023 the Bank of England lifted Bank Rate to 5.25%, its 14th straight increase and the highest level in more than 15 years.
- Background
Bank of England cuts interest rates for the first time since 2020
On 1 August 2024 the Bank of England cut Bank Rate from 5.25% to 5%, its first reduction in over four years and the start of gradual easing.
Bank of England raises interest rates to 4% for the first time in three years
The Bank of England has lifted its base rate from 3.75% to 4%, the first rise since August 2023, and warned another hike is likely if the US-Iran war drags on.
El Niño could push up your supermarket bill from early 2027, Bank of England warns
The Bank of England says extreme weather linked to El Niño could add about 2 percentage points to UK food prices, with fruit and veg likely to rise first.