Bank of England Signals Rate Hikes Aren't Over

The Bank of England (BOE) has raised the benchmark interest rate to 4%, the highest since 2008, amid ongoing inflation concerns. While the BOE hints at a slower pace of future hikes, inflation risks remain. Economic forecasts have improved slightly, but a recession is still expected, with GDP projected to drop by 1% over the next five quarters. The UK economy may not recover to pre-pandemic levels until 2026.

What is the current benchmark interest rate in Britain?

How has the Bank of England's approach to interest rate hikes changed recently?

What signs are emerging regarding inflation and economic growth according to Governor Andrew Bailey?

What are the expectations regarding the UK's GDP over the next five quarters?

What does the Bank of England predict about the recovery of the economy to pre-pandemic levels?