The Bank of England raised its benchmark interest rate to 4.5% and said it may need to raise interest rates further

[the Bank of England raised its benchmark interest rate to 4.5% and said it may need to raise interest rates further] the Bank of England raised its benchmark lending rate to its highest level since 2008, saying that if inflationary pressures persist, further interest rate increases may be needed. The Bank of England raised its key interest rate by 25 basis points to 4.5 per cent, in line with expectations. Two of the nine members of the Monetary Policy Committee voted to keep interest rates unchanged. Most members of the committee said inflation was "repeatedly surprising" pointing to the resilience of the economy, adding to price pressures and requiring action. Central bankers led by Bank of England Governor Pele also raised their growth forecasts, the biggest increase since the Bank of England became independent in 1997, canceling the previous forecast that Britain would fall into recession, and the real economy is expected to grow 2.25% faster by 2026 than expected in February. "if there is evidence that price pressures persist further, further tightening of monetary policy is needed," the Bank of England said in minutes on Thursday. The wording was in line with the language of the March meeting, which was interpreted as opening the door to suspending the rate hike cycle.