Bank of England hikes key interest rate to 4.25%

The Bank of England raised rates by 0.25% following a surprise jump in inflation.

Bank of England
(Image credit: © Getty Images)

The Bank of England (BoE) has raised its base rate by 0.25% to 4.25%, its highest level since October 2008.

The central bank was widely expected to hike rates today following a surprise jump in inflation to 10.4% as announced by the Office for National Statistics yesterday.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.