Bank of England raises interest rates by 75 basis points, the highest in 30 years, to combat inflation

After US Federal Reserve hikes key interest rates by 75 basis points, the Bank of England raised bank rate by 75 basis points -- the highest since 1992 -- to 3 per cent for combatting inflation growing in double digits and to curb the energy price crisis in the country. The updated projections of the Monetary Policy Committee (MPC) of the Bank of England for activity and inflation described a very challenging outlook for the UK economy.