News > Bank of England hikes interest rate from 0.10% to 0.25% to combat inflation

Bank of England hikes interest rate from 0.10% to 0.25% to combat inflation

The Bank of England on Thursday hiked its key interest rate from a record-low 0.10 per cent to 0.25 per cent, as it seeks to combat decade-high inflation despite Omicron fears.

Policymakers deemed the hike "necessary" in order to return UK inflation towards its official target level, adding that consumer price inflation in advanced economies had risen by more than expected.