Bank of England Interest Rate Reaches New 15-Year High

Governor says it's 'too soon to speculate' on future rates

Andrew Bailey, Governor of the Bank of England, during the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, on Aug. 3, 2023. Alistair Grant/PA

The Bank of England (BoE) raised its base rate by a further 0.25 percent on Aug. 3, to 5.25 percent.

It’s the 14th consecutive time that the central bank has ramped up its overnight lending rate, which is now at its highest level since April 2008.