The Bank of England has raised its main interest Rate by 25 basis points to 5.25%, reaching a 15-year high. This is the 14th consecutive rate hike as the bank aims to control inflation. The Monetary Policy Committee (MPC) voted 6-3 in favor of the quarter-point increase, with two members preferring a larger 50 basis point hike and one member voting to keep rates unchanged. The MPC indicated that it intends to maintain a restrictive policy for a sufficient period to bring inflation back to its 2% target. The bank also updated its inflation forecast, expecting a decline to 4.9% by the end of this year.

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