In an effort to counter the worldwide race to control sky-high inflation, the Bank of England raised interest rates tenth time in a row on Thursday.
At a regular meeting, the Monetary Policy Committee of the central bank decided to raise its interest rate by 0.5 percent to 4.0 percent, the highest level since late 2008.
Further interest rate increases, according to the Monetary Police Committee (MPC) of the UK central bank, will depend on signs of more enduring pricing pressures. Investors took that as a hint that the abrupt rate increases could be coming to a stop.
This news is written by Mr. Manpreet Rathor, Research Assistant, All India Legal Forum.