Bank of England makes biggest rate hike since 1995

By Michele Maatouk

The Bank of England announced its biggest rate hike on Thursday since 1995 as it looks to tackle surging inflation.
The Bank lifted rates by 50 basis points to 1.75%. This marked the sixth increase in a row and was in line with economists’ expectations.

The Monetary Policy Committed voted 8-1 to for the rate rise, with only Silvana Tenreyro opting for a smaller rise to 1.5%.

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