Bank of England raises interest rate by 25bps to 0.75%
MG News | March 17, 2022 at 05:33 PM GMT+05:00
March 17, 2022 (MLN): The Bank of England (BoE) has raised UK interest rates by 25 basis points to 0.75%, back to their levels before the pandemic.
The decision came to ease off inflation with prices rising at the fastest rate in around 30 years.
The Monetary Policy Committee (MPC) voted by a majority of 8-1 to increase the interest rate to 0.75%, the BoE said on its Twitter.
The MPC sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment.
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