Bank of England lifts rates to 4% in first hike in over three years

The Bank of England raised interest rates from 3.75% to 4%, its first increase in more than three years, to curb inflation driven largely by the US-Iran war's impact on oil prices. Governor Andrew Bailey said more hikes are likely unless the conflict is resolved. Borrowing on mortgages, loans and credit cards will cost more, while savers should earn higher returns.