As part of its summary, the MPC said the decision comes as global consumer price inflation remains high, although it is likely to have peaked across many advanced economies
The Bank of England raises its base rate from 3.5% to 4% - the highest in 14 years..
It also says the UK is set to enter recession this year but this will be shorter than previously thought.
The Bank of England expects the economy to "fall slightly" in 2023 as energy costs and other prices continue to ease.
It also forecasts that the inflation rate will continue to slow this year and firms are likely to hold off on making redundancies.
A higher interest rate will be welcomed by savers, but have a knock-on effect for those with mortgages, credit card debt and bank loans.
The 4% rise means people with a typical tracker mortgage will pay about £49 more a month - while those on a variable mortgage will pay another £31 a month.
Call our team on 0203 488 7503, 01992 236 110
or contact us by email at firstname.lastname@example.org
or via our website www.walshwestcca.com