Bank of England Raises Interest Rates to 4% Amid Inflationary Pressures

The Bank of England's Monetary Policy Committee voted to increase the benchmark interest rate by 25 basis points to 4%, marking the first rate hike in over three years. The decision was driven by elevated inflationary concerns, particularly those stemming from rising energy prices and the ongoing US-Iran conflict. The central bank indicated that further increases might be necessary if the conflict persists.