London | The Bank of England has turned the fire hose on Britain’s chronic inflation, pushing up its benchmark rate by half a percentage point after a series of quarter-point increases.
The new rate of 5 per cent, after 13 successive increases since December 2021, is the highest since September 2008, as the bank grapples with a headline inflation rate stuck at 8.7 per cent, and core inflation still accelerating.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
