Bank of England raise rates

Bank of England raise interest rates
The Bank of England raises interest rates to their highest level for almost a decade
  • Interest rates to 0.75%
  • Highest level since March 2009
  • Bank votes 9-0 to raise rates

The Bank of England have raised interest rates to 0.75%, their highest level since March 2009. The Monetary Policy Committee (MPC) voted unanimously to increase Bank Rate by 0.25 percentage points, to 0.75%.

Dip in first quarter ‘temporary’

According to today’s report, since the May Inflation Report, the near-term outlook has evolved broadly in line with the MPC’s expectations.

“Recent data appear to confirm that the dip in output in the first quarter was temporary, with momentum recovering in the second quarter.”

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