The Bank of England, the central bank of the United Kingdom, took two consecutive 'big steps' in interest rates, raising the key interest rate by 0.5 percentage points from 1.75% to 2.25% in response to inflation.



The Bank of England also raised the key interest rate by 0.5 percentage point last month, the largest rate increase since February 1995 in 27 years.



The UK benchmark interest rate is currently at its highest level since December 2008, during the global financial crisis.