BoE tightens policy after inflation surprise

Hot February inflation figure prompted policy-makers to continue tightening

Bank of England
Photo: Juno Snowdon Photography

The Bank of England raised its policy rate 25 basis points today (March 23), after the UK’s February inflation figure was much higher than expected.

As in other recent meetings, seven members of the monetary policy committee supported the increase, which took the rate to 4.25%. Two members dissented, preferring to leave the rate unchanged.

The BoE had expected inflation to fall in February. Instead, it rose to 10.4%, 0.6 percentage points higher than the central bank’s latest forecasts had

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