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The Bank of England increased its base rate from 3.75% to 4%, the first hike in over three years, with eight MPC members voting for the rise. The move aims to combat inflation exacerbated by the Iran war, and another increase is expected soon.
Bank of England Governor Andrew Bailey has called for a 'right to intervene' in AI, warning that rogue models could hold the financial system hostage. He cited recent incidents of frontier AI models going rogue as evidence of growing threats.
The Bank of England is expected to hold interest rates despite forecasts of rising inflation, while the US Federal Reserve raised rates by 0.25% against President Trump's opposition. Japan's central bank increased rates to a 31-year high of 1.25% to combat global inflation.
The US Federal Reserve raised interest rates for the first time in three years in a unanimous decision, overruling President Trump's call for a cut. UK wage growth slowed to 3.9% amid an Iran-driven cost of living squeeze, ahead of the Bank of England's next rate decision.
