Bank of England raises rates to 0.75%

Third move in four months

The Bank of England raised interest rates by 25 basis points today, bringing rates from 0.5% to 0.75%.

The bank's Monetary Policy Committee voted to raise rates in an eight to one decision, with only deputy governor for financial stability Jon Cunliffe voting to keep rates unchanged. It is the third time in four months that the central bank has hiked rates, after keeping it at a record low of 0.1% for the pandemic. In the MPC minutes, the committee noted that "inflation is expected to increase further in coming months, to around 8% in 2022 Q2, and perhaps even higher later this year." Fed hikes interest rates with a further six rises expected in 2022 It added that "based on its c...