Bank of England raises rates by most since 1995

The Bank of England (BOE) unleashed its biggest interest-rate hike in 27 years, according to Bloomberg.

The half-point increase to 1.75 per cent on Thursday was backed by eight of the bank’s nine policy makers, who also kept up a pledge to act forcefully again in the future if needed.

The BOE also boosted its forecast for the peak of inflation to 13.3 per cent in October amid a surge in gas prices, and warned that price gains will remain elevated throughout 2023.