By DANICA KIRKA
Associated Press
LONDON (AP) — The Bank of England is under pressure to raise interest rates more aggressively amid concern that the quarter-percentage-point increase expected Thursday will do little to combat price increases that have pushed inflation to a 40-year high. While the U.K.’s central bank began raising interest rates earlier than its counterparts, the Bank of England is now trailing the U.S. Federal Reserve in the worldwide fight against inflation fueled by soaring food and energy prices. The Fed raised its benchmark rate by three-quarters of a percentage point on Wednesday, pushing it to a range of 1.5% to 1.75%. The Bank of England’s key rate is 1% following four consecutive quarter-point increases that began in December.
