Bank of England Makes Biggest Rate Rise Since 1995 as Inflation Soars U.K. central bank follows the Fed in using larger rate rises to tame high inflation By William Horner Aug. 4, 2022 7:03 am ET LONDON—The Bank of England raised its key interest rate by a half percentage point Thursday, the largest single step in more than a quarter-century, as the central bank follows the Federal Reserve in gi..