Bank of England raises UK interest rates to highest level since 2008

The decision on Thursday lifted its main interest rate by a quarter of a point to 4.5pc Inflation will likely halve from current levels to around 5pc by the end of this year, the BoE said The bank also said the British economy is likely to avoid falling into a recession this year

Andrew Bailey, governor of the Bank of England (BOE). Photographer: Hollie Adams/Bloomberg — © Bloomberg

Pan Pylas

The Bank of England raised interest rates to their highest level since late 2008 as it continues to combat stubbornly high inflation in the UK.