UK Central Bank Raises Interest Rates to 3.5 Percent, a New 14-Year High

A general view of the Bank of England, in London, on Nov. 11, 2022. Dan Kitwood/Getty Images

The Bank of England, the UK’s central bank, has increased interest rates from 3 to 3.5 percent, a new 14-year high.

At its meeting ending on Dec. 14, the bank’s nine-strong Monetary Policy Committee (MPC) voted by a majority of 6–3 to increase the bank rate by 0.5 percentage points.