Bank of England hikes interest rates to four per cent in unanimous vote

The Bank of England has raised interest rates to 4% from 3.75% following a unanimous vote by the Monetary Policy Committee. This decision aims to prevent inflation from spiralling over the next year, marking the first hike since mid-2023. Policymakers have warned that further increases may be necessary, particularly if the conflict involving Iran continues. The move reflects a strategic effort to tighten monetary policy to maintain economic stability amidst ongoing global geopolitical tensions.