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Pound Slides After Bank of England Signals Caution as It Raises Rates
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LONDON—The Bank of England raised its key interest rate for the fourth time in as many meetings of its policy makers, but signaled that it is likely to move cautiously in coming months as worries grow over a slide into recession, triggering a sharp selloff in the pound.
As in the U.S., the U.K. has seen a surge in consumer prices since early 2021, driven by higher energy costs and supply-chain bottlenecks. In response, the U.K.’s central bank first raised its key interest rate in December, while the Federal Reserve announced its first move in March.
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