Bank of England raises key rate to 4% saying more hikes may be needed
The move represented the tenth hike since the BOE began raising interest rates in December 2021, raising the main rate to its highest level since 2008.
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The move represented the tenth hike since the BOE began raising interest rates in December 2021, raising the main rate to its highest level since 2008.
The notes are scheduled to be put in circulation in mid-2024.
Bank Of England issued warnings about the economy falling into the clutches of recession.
Health concerns would continue to drag on the economy’s ability to rebound from the Coronavirus lockdown and there was still the prospect of a steep rise in unemployment, the bank’s monetary policy committee (MPC) said.