Bank of England raises policy rate

Bank of England
Photo: Juno Snowdon Photography

The Bank of England raised its policy rate today (December 16), in its first monetary tightening since before the Covid-19 pandemic.

Policy-makers voted 8–1 to raise the rate by 15 basis points, bringing it to 0.25%. Silvana Tenreyro was the only member of the monetary policy committee to dissent, voting to keep rates unchanged. Most policy-makers stressed the importance of tackling high inflation, which is now running more than three percentage points above target.

The BoE’s rate move

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