Bank of England raises interest rates, with further rise possible next February

The Bank of England announced an interest rate rise, with another increase probably in February next year if the war continues, according to Faisal Islam's analysis for BBC Business. The central bank's forecast used oil prices averaging $108 a barrel, though oil was 13% lower on the day of the announcement after nine months of war. UK growth was 0.6% and 0.5% in the first two quarters and is heading for 0.7% between July and September before slowing in the three months to the end of the year, while unemployment stabilized and edged lower. Sterling reached its highest level since the Brexit referendum against a basket of currencies, which can help curb inflation by making imports cheaper.