Bank of England raises key rate to highest level in 13 years

LONDON (AP) — The Bank of England has raised its key interest rate to the highest level in 13 years. It comes as policymakers around the world combat inflation fueled by high energy prices, Russia’s war in Ukraine and lingering concerns about COVID-19. The central bank’s Monetary Policy Committee voted 6-3 on Thursday to raise interest rates for the fourth time since December. It lifts the rate the Bank of England pays other banks by a quarter-percentage point, to 1%. The decision comes a day after the U.S. Federal Reserve approved the biggest rate increase in more than two decades.