Bank of England raises borrowing costs to 4%, hints rates near peak

Previously the BoE had forecast 2023 inflation at around 5%

The Bank of England raised interest rates for the 10th time in a row on Thursday but dropped its pledge to keep increasing them "forcefully" if needed and said inflation had probably peaked.
 

Softening their forecasts of recession this year, the BoE's nine interest rate-setters voted 7-2 to increase Bank Rate to 4.0% - its highest since 2008 - from 3.5%. The move had been expected by most investors and economists. The announcement comes a day after the U.S. Federal Reserve slowed the pace of its rate hikes with a smaller quarter-point move, but said it expected further increases would