Bank of England hikes interest rates again as it struggles to tame inflation

The Bank of England’s (BoE) monetary policy committee (MPC) raised interest rates by a further 0.25% to 4.25%, meeting consensus expectations. This was down from the 0.50% increase at its previous meeting, when it said that  a further deterioration in the inflation outlook would be needed to raise rates further. However, since then the collapse of Silicon Valley Bank and the forced bail-out of Credit Suisse have led to concerns about the global banking sector. Yet, these risks appear not to have swayed the committee.