Bank of England lifts rate for first time since 2023 to fight inflation

The Bank of England (BoE) raised its benchmark interest rate to four per cent on Thursday, the first increase in more than three years, as soaring energy costs push up global inflation. The central bank tightened borrowing costs by a quarter point, catching up with the US Federal Reserve and the European Central Bank in lifting rates since the start of the Middle East conflict . Along with Ukraine’s strikes on Russian refineries, disruptions to Gulf energy supplies owing to the US-Iran war have caused record-high diesel prices around the world. “There is now enough inflationary pressure in…