London | The Bank of England jacked up interest rates at the fastest pace since the 1980s, seeking to slam the brakes on stubbornly high inflation even as Britain faces what could be one of its longest-ever recessions.

The Bank’s monetary policy committee (MPC) upped its benchmark rate by 0.75 percentage points to 3 per cent, its eighth successive increase. That pushed the rate to its highest in 14 years. Seven MPC members voted for it, while two preferred a smaller increase.