UK Central Bank Raises Interest Rates to 4 Percent but Expects Shorter Recession

A view of the Bank of England in London, on Feb. 2, 2023. Yui Mok/PA Media

The Bank of England, the UK’s central bank, has raised interest rates for the 10th time in a row, hiking the base rate from 3.5 to 4 percent to help bring down double-digit inflation.

Seven members of the bank’s Monetary Policy Committee (MPC) voted for the rate hike, with two voting to keep it unchanged.