Bank of England | Interest rates to 15-year high of 5.25%

Interest rates have risen to a 15-year high of 5.25%, with the Bank of England carrying out a hike of 0.25 percentage points.

It is the 14th consecutive rate rise, with the Bank seeking to bring down inflation, but prices have been rising at a slower rate than expected recently, giving cause for optimism that this could be the last increase for a while.

But the high-point of 5.25% reached on the 3rd August 2023 has not been matched since the global financial crisis in March 2008, demonstrating the difficulties faced by the UK economy.