The Bank of England has raised its main interest rate to 4%, warning that inflation could reach 5% in 2027.
The Bank of England has raised its main interest rate to 4%, warning that inflation could reach 5% in 2027.
The bank said the conflict in the Middle East has pushed global energy prices higher, raising the risk that inflation stays elevated.
The move matters beyond Britain: with the US Federal Reserve and the European Central Bank both watching the same energy shock, London's hike is a signal that the world's big central banks are not done fighting inflation yet.
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