BoE raises rates 25bp and ditches UK recession forecast

Bank of England

Photo: Juno Snowdon Photography

- By Daniel Hinge
- @dan_hinge
- 11 May 2023

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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

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