Bank of England Raises Base Rate to 0.75%

The Bank's Monetary Policy Committee has voted to raise interest rates from 0.5% to 0.75%

Emma Wall 2 August, 2018 | 12:06AM
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Bank of England City of London base rate interest rates Mark Carney inflation

Britain's interest rates are on the rise – finally. After nine years and five months of record low interest rates, Bank of England base rate has been raised to 0.75% from 0.5%. The Monetary Policy Committee voted to raise interest rates unanimously at 9 votes to 0.

The news comes as no surprise to the market, which expected the Committee to raise rates this month, forecasting the rise with 90% certainty. This increase takes base rate to the highest level since March 2009, when the MPC voted to decrease it from 1% to 0.5%. Rates had steadily declined from 5.75% in July 2007, in reaction to the global financial crisis in order to stimulate the UK economy out of recession.

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Emma Wall  is former Senior International Editor for Morningstar