epa10444262 Andrew Bailey, Governor of the Bank of England delivers the Monetary Policy Report February 2023 during a press conference at the Bank of England in London, Britain, 02 February 2023. The Bank of England has raised its base rate from 3.5 percent to 4 percent - the highest in 14 years. It states the UK is set to enter recession this year but this will be shorter than previously thought. EPA/NEIL HALL