Bank of England hikes interest rates to 1%: How high will base rate go?
The MPC voted by a majority of 6-3 to increase Bank Rate by 0.25%, with the members in the minority calling for a 0.5% rise to 1.25%.
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The MPC voted by a majority of 6-3 to increase Bank Rate by 0.25%, with the members in the minority calling for a 0.5% rise to 1.25%.
<h2>Monetary Policy Summary, May 2022</h2> <p>The MPC sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 4 May 2022, the MPC voted by a majority of 6-3 to increase Bank Rate by 0.25 percentage points, to 1%. Those members in the minority preferred to increase Bank Rate by 0.5 percentage points, to 1.25%.</p>
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