UK Central Bank Raises Interest Rates to 3 Percent, Highest in 14 Years

The Bank of England, the UK's central bank, is pictured at dusk in the City of London on Nov. 2, 2022. Isabel Infantes/AFP via Getty Images

The Bank of England, the UK’s central bank, has raised its base interest rate to 3 percent, the highest in 14 years.

All but two members of the bank’s Monetary Policy Committee voted to push up interest rates by 0.75 percentage points, to 3 percent from 2.25 percent, during a crunch meeting on Nov. 3.