Bank of England surprises with 50-basis-point rate hike to tackle persistent inflation

Bank of England hikes rates to 5% in surprise move to tackle stubborn inflation

The Bank of England surprised many investors by raising interest rates half a percentage point on Thursday, saying there had been "significant" news suggesting Britain's persistently high inflation would take even longer to fall.

Bank of England hikes borrowing rates more than expected

Benchmark interest rate hiked to a 15-year high, raising fears that the UK is headed for a recession.

U.K. recession fears mount after Bank of England hikes borrowing rates by more than expected

The bank said its nine-member Monetary Policy Committee decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5%

UK recession fears mount after Bank of England hikes borrowing rates by more than expected

On a busy day for central bank action in Europe, the Bank of England said its nine-member Monetary Policy Committee decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5%. All but two on the panel backed the half-point increase.

UK recession fears mount after Bank of England hikes borrowing rates by more than expected

LONDON (AP) — Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat stubbornly high inflation with a hike that will hit borrowers

UK recession fears mount after Bank of England hikes borrowing rates by more than expected

LONDON (AP) — Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat stubbornly high inflation with a hike that will hit borrowers