TradeSignalosBank of England raises interest rates to 4%, first rise in over three years
The Bank of England has raised its base rate from 3.75% to 4%, its first increase in more than three years. The Bank links the move to inflationary pressure stemming from the Iran war. Eight of the nine members of its monetary policy committee voted for the rise. Catherine Mann, the ninth member, preferred a larger half-point increase. The Bank's governor has signalled another rise in the near future. The decision comes amid a cost of living crisis.
📊 What it means for markets
Central bank rate hikes often support the pound and may weigh on UK stocks and gold, since higher rates raise the appeal of cash returns. Effects on oil, USD, EUR and crypto are usually indirect and can vary.
Source: The Guardian
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