BOE Raises Interest Rate by 50bps to 4%

The Bank of England voted 7 to 2 to raise its key interest rate by 50 basis points, bringing the benchmark to 4%.

In the statement on Thursday, the central bank said that it will no longer respond focefully to inflation or that further raise is required.

In the meantime, BOE noted that recession is probably imminent, but it would be much shallow than it previously anticipated.