Bank of England raises interest rate to 4% and warns that further increases will follow if the war with Iran continues
The Bank of England's Monetary Policy Committee raised the base rate from 3.75% to 4%, the first level reached in over three years, citing inflationary pressures generated by conflicts in the Middle East. Governor Andrew Bailey stated that this should not be seen as the start of an inevitable sequence of increases, but emphasized that in the absence of a peace agreement, future adjustments remain likely.
