Late to this thread.
The Bank of England does not lend or borrow money. It is the UK’s Central Bank. This link, from the BoE’s website, explains its raison d’etre.
@Percy_Vere , Cor blimey Percy, you are late mate !
I understand the workings and explanations of what the the BOE
is supposed to be doing. But my question was whether the Boe was
working for the best interests of the british people when it raised interest
rates recently just after the government had committed the country to
borrowing probably the largest ever sums of money we have borrowed in
my lifetime anyway ?
As l said earlier, we borrowed this money from private banks and investors,
who will now benefit from the higher rate of interest !
Surely the BOE should have lowered the rate if it has the best intrests of
the country at heart ??
Hence my question ! Which nobody has answered yet to my satisfaction ?
Donkeyman! 
There are many questions on this subject, and some others that can’t be answered to a persons satisfaction.
Of course DM, as usual, no one knows who (if any) is in charge of the agenda, if indeed there is an agenda!!
Have you taken into account that the BoE is relatively independent from the government which implies that she may take decisions that, at first glance, may not be " in the best interest of the British people"? (Who are the “British people” anyway and what are their “best interest”?) Would it not be in their best interest to keep inflation down and thus ensure the stability of money?
My take is that the BoE, like any central bank, has to decide between the devil and the deep blue sea because there’s a flipside of measures taken. Weighing up the pros and cons and having identified excessive money supply and public spending as an important cause of the current inflation, she will raise interest rates to make borrowing and (public and private) spending more expensive which is necessary to curb inflation even though it may have negative effects on businesses and private consumers (the British people as you call them) in as much as it leads to higher prices and less business activity.
The old Lady does so in order to pursue her primary goal: to keep inflation down which clearly is in the interest of the people. The BoE raised interest rates despite high levels of public debt and debt servicing in order to ensure monetary stability and to discourage the government from incurring even more debts e.g. by issuing government bonds. Why should banks and other investors not benefit from higher interest rates? These are the rules of the game.
The BoE will lower interest rates when economic conditions force her but not because government wants her to do that. As indicated above, the BoE is not the accomplice of the government.
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Hi
Raising Interest Rates also stops the £ falling, a poor exchange rate imports inflation.
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@Dachs, So you agree that the BOE is acting in the interests of the
bankers then Dachs ??
More so as it is common opinion that inflation has been caused by the sudden
jump in imported fuel prices, and not because of an oversupply of money ?
Rather the opposite in fact !
Hence my question about why the bank raised the rate ??
And if the bank is actually in cahoots with the banks to manipulate things
to go their way ??
Donkeyman!
What other choice do they have? The only tool they have is interest rates, when the only tool is a hammer then all the problems are nails.
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@Bruce , HA! HA! Yes, but what about the Pratt using the ammer ??
Dont he/she have any inputs ??
Have you seen how some blokes use a ammer !!
Donkeyman! 
God, been saying this for yonks, there are no more tools in the toolbox.
And the tool that is there is no longer applicable.