Bank of England Interest Rate raised to 4%

The Bank of England has lifted UK interest rates to 4%, the highest level in over 14 years, as it continues to battle inflation.

The increase from 3.5%, which was broadly expected by economists, puts more pressures on mortgage payers and businesses struggling to pay off their loans.

This is the 10^th meeting in a row at which the Bank’s Monetary Policy Committee has voted to raise UK borrowing costs. UK rates are now at the highest level since October 2008, when the Bank had only just started cutting rates in response to the financial crisis.