Bank of England ups interest rate to highest in 13 years

London, May 5

The Bank of England raised its key interest rate to the highest level in 13 years on Thursday as policymakers around the world combat inflation fuelled by high energy prices, Russia’s war in Ukraine and lingering concerns about Covid.

The central bank’s Monetary Policy Committee voted 6-3 to raise interest rates for a fourth consecutive meeting, lifting the rate that the Bank of England pays other banks by a quarter-percentage point, to 1%. — AP