The BoE hiked the rate by a quarter-point to 4.5 percent -- its 12th increase in a row with UK annual inflation stuck above 10 percent, fuelling a cost-of-living crisis across Britain.
At the same time, the central bank made a record upgrade to its British GDP forecast, adding there would be only a small impact from recent turmoil in the commercial banking sector. The rate decision comes one week after UK Prime Minister Rishi Sunak's Conservative government suffered a drubbing in local elections, as voters gave their verdict over rampant living costs despite government efforts to partly subsidise energy bills.
At the same time, those who can afford to save will benefit for increased fixed returns on investments.
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