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OverviewAPI
Bank of England hikes interest rates by 25 basis points, marking the 14th consecutive hike as policymakers aim to curb inflation. The Monetary Policy Committee voted 6-3 in favor of the rate increase. Inflation is expected to fall to 4.9% by the end of the year, providing relief for Prime Minister Rishi Sunak. Finance Minister Jeremy Hunt welcomes the news, emphasizing that headline inflation will be below 3% in a year's time without economic recession. However, analysts express concerns about potential overtightening as existing rate hikes have not yet impacted the economy.

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