The Bank of England raised the benchmark rate by a half percentage point on Thursday, defying expectations for a bigger move, as policymakers assessed that the UK economy has already landed in a recession.
The Monetary Policy Committee decided to raise the bank rate by 50 basis points to 2.25 percent from 1.75 percent, in a three-way split vote. The seventh straight rate hike took the interest rate to the highest since the 2008 global financial crisis.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.