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AP National Business

Bank of England makes biggest interest rate hike in 30 years

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Published 3:03 AM

By DANICA KIRKA
Associated Press

LONDON (AP) — The Bank of England has rolled out its biggest interest rate increase in three decades, saying the move is needed to beat back stubbornly high inflation that’s eroding living standards and is likely to trigger a “prolonged” recession. The central bank on Thursday boosted its key rate by three-quarters of a percentage point as Russia’s invasion of Ukraine has drives up food and energy costs that have sent inflation to 40-year highs. The aggressive step matches the recent moves by the U.S. Federal Reserve and the European Central Bank. The bank’s task got tougher after former Prime Minister Liz Truss’ economic plans roiled financial markets.

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