BOE hikes interest rate to highest level in 14 years

The Bank of England announced today a decision of raising the official interest rate to the highest level since 2008.

Today, the Bank’s Financial Policy Committee voted in favor of raising the interest rate from 1.75% to 2.25%, as part of the bank’s plans to curb rising inflation, which reached 9.9%, the highest rate in nearly 40 years.

The bank also expected that the British economy will record a negative growth rate during the second quarter of this year, which means that the economy will be classified in the “stagnation” category.