BoE raises rates 25bp and ditches UK recession forecast

Bank of England
Bank of England
Photo: Juno Snowdon Photography

The UK policy rate hit its highest level since 2008 today (May 5), as the Bank of England added a further 25 basis points to its main rate.

Monetary policy committee members voted 7–2 to raise the rate to 4.5%, a level last seen in October 2008. “We have to stay the course to make sure inflation falls all the way back to the 2% target,” governor Andrew Bailey said during a press conference.

The central bank raised its forecast for growth substantially, reversing its prediction that the UK was

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

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