- The Bank of England raised interest rates for the first time in 30 years to combat excessive inflation caused by Russia’s invasion of Ukraine and former Prime Minister Liz Truss’s economic mismanagement.
- After September consumer price inflation reached a 40-year high, the bank raised its benchmark rate to 3% on Thursday.
- The interest rate decision is the first since Truss’ administration unveiled 45 billion pounds ($52 billion) of unfunded tax cuts that shook financial markets, raised mortgage rates, and ousted Truss after six weeks.
