UK’s bank rate hits highest level in over six years

10 05 2007 United Kingdom

As predicted, the Bank of England’s Monetary Policy Committee voted to raise the official Bank Rate to 5.5 per cent.

The Monetary Policy Committee (MPC) stated that the picture is one of steady growth in the UK economy, but inflation picked up to 3.1 per cent in March.

This is well above the MPC's 2 per cent inflation target so a further increase in bank rate to 5.5 per cent was seen as necessary.

Bank rate last hit 5.5 per cent in April 2001.

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