Bank of England Raises Rates for First Time in Three Years
The New York Times reports that the Bank of England raised its key rate by a quarter point to 4 percent, its first increase in more than three years, joining other central banks fighting inflation driven by higher energy prices from the nine-month war in Iran. Governor Andrew Bailey said the hike shouldn't be seen as the first in an inevitable long sequence, though the bank forecast inflation climbing to about 5 percent the following year.
