FTSE 100 Falls 1.6% as Global Market Drop Reaches London
The FTSE 100 declined 177 points to 10,608 as global market volatility and Bank of England interest rate pressures weighed on UK shares and savings portfolios.
Andrew Bailey
Governor of the Bank of England
Photo: Office of U.S. Ambassador to U.K. · Public domain
United Kingdom
Bank of England raises interest rates to 4% in first hike in over three years
The Bank of England has raised interest rates to 4% from 3.75% in a unanimous decision, responding to inflationary pressures driven by international energy shocks and the ongoing conflict in Iran.