BoE raises rate to 1% as recession risks mount

Bank of England
Photo: Juno Snowdon Photography

The Bank of England increased the policy rate by 25 basis points to 1% today (May 5), as it warned inflation is likely to rise above 10% this year, the highest rate since 1982. 

It marks the first time the Bank of England has raised interest rates four times in a row since its foundation in 1694. 

The UK has met with a succession of shocks, which “monetary policy was unable to prevent”, said governor Andrew Bailey. Most recently, Russia’s invasion of Ukraine has triggered a surge in energy

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: