The central bank’s monetary policy committee (mpc) has already raised interest rates five times this year, overseeing an increase from 0.1 per cent in. Banks under pressure to help savers after failing to. United kingdom interest rate the bank of england raised its main rate by 50bps to 1.75% during its august 2022 meeting, the sixth consecutive rate hike, and pushing borrowing costs to the highest level since 2009, matching market forecasts. The bank of england will announce its latest decision on interest rates on thursday, and is widely expected to raise them for the sixth time in a. The bank’s decision was driven by the desire to rein in surging inflation.