The Monetary Policy Committee (MPC) Bank of England made the highest bank rate increase since 1989 by 75 basis points to 3%, the regulator said on its website, News.az reports.

The rate reached a record since November 2008. "At its meeting ending on 2 November 2022, the MPC voted by a majority of 7-2 to increase Bank Rate by 0.75 percentage points, to 3%. One member preferred to increase Bank Rate by 0.5 percentage points, to 2.75%, and one member preferred to increase Bank Rate by 0.25 percentage points, to 2.5%," the regulator informed.

"The MPC’s updated projections for activity and inflation describe a very challenging outlook for the UK economy," the Bank of England said.