First uk interest rate rise 10 years

You're referring to the first UK interest rate rise in 10 years!

On November 2, 2017, the Bank of England's Monetary Policy Committee (MPC) voted to raise the UK's base interest rate from 0.25% to 0.5%. This was the first rate hike since July 2007, when the rate was increased from 5.5% to 5.75%.

The decision was made to combat rising inflation, which had exceeded the Bank of England's 2% target. The rate hike was also seen as a sign of the UK's economic recovery following the Brexit vote in June 2016.

The 0.25 percentage point increase was relatively small, but it marked a significant shift in monetary policy after nearly a decade of ultra-low interest rates. The move was widely expected by financial markets, and the pound initially strengthened against the US dollar following the announcement.

Since then, the Bank of England has raised interest rates several times, with the most recent increase being in August 2022, when the rate was raised from 1.25% to 1.75%.