Bank Of England Lifts Rate For First Time Since 2018

The Bank of England raised its key interest rate for the first time since 2018, despite the new variant of coronavirus Omicron posing downside risks to economic activity. The Monetary Policy decided to lift its key rate by 0.15 percentage points to 0.25 percent from a record low of 0.10 percent. This was the first rate hike since August 2018.