"Neither Does It Seem To Be The Last": Bank Of England Hikes For First Time Since 2023, Sees Inflation Near 5% For the first time in 1,190 days, the Bank of England has raised interest rates. On Thursday the BoE's Monetary Policy Committee voted 8-1 to lift Bank Rate by 25bps to 4.00% , the first hike since August 3, 2023, when the BoE topped out at 5.25%.
And the lone dissenter was no dove: external member Catherine Mann wanted a half-point move to 4.25%. Put differently, not a single one of the nine MPC members voted to keep rates on hold , which is a little more hawkish than consensus: Goldman and JPMorgan both expected a 7-2 vote (Goldman's STIR desk had Swati Dhingra and Alan Taylor as the holdouts), while Deutsche Bank's UK economists were looking for a 6-3 split.
Even the doves came along, if grudgingly.