The Bank of England has announced that it is raising the interest rate to 4%, the first increase since the economic crisis began.

The Bank of England Governor, Andrew Bailey, has expressed hope that the worst of the economic crisis is over, and that the rise in interest rates is a sign of economic recovery.

The Bank of England has also announced that it is hiking rates by 50 basis points, and now sees a much shallower recession than previously feared.

Policymakers have suggested that this should be the last time they raise rates, and they will be monitoring the situation closely in the coming months.

Sky News will be broadcasting live from the Bank of England as they make their announcement on interest rates.

For more information on the Bank of England’s decision, please view the full coverage on USNN.