"The Bank of England's Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 22 March 2023, the MPC voted by a majority of 7–2 to increase Bank Rate by 0.25 percentage points, to 4.25%. Two members preferred to maintain Bank Rate at 4%," the regulator said in a statement.
The UK has been facing a massive increase in inflation and cost of living crisis. The Bank of Englands previously said that the UK economy had entered a recession expected to last until the second half of 2024.