The Bank of England delivered the biggest interest rate hike in 33 years on Thursday, joining its global peers in aggressive tightening to bring inflation down from double-digits, even as the U.K. economy is forecast to remain in a prolonged recession.
The nine-member Monetary Policy Committee decided to raise the bank rate by 75 basis points to 3.00 percent from 2.25 percent.
The 75 basis point hike was the largest since 1989. The current tightening cycle that began last December has taken the bank rate to the highest since November 2008.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.