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The Bank of England, the UK’s central bank, has increased interest rates from 3 to 3.5 percent, a new 14-year high.
At its meeting ending on Dec. 14, the bank’s nine-strong Monetary Policy Committee (MPC) voted by a majority of 6–3 to increase the bank rate by 0.5 percentage points.
It is a slowdown from the last rise in November when rates were increased by 0.75 percentage points, and in line with what economists had forecast.
Rates have been raised in every meeting since late last year as the bank tries to get inflation under control.
Explaining its decision, the MPC said, “The labour market remains tight and there has been evidence of inflationary pressures in domestic prices and wages that could indicate greater persistence and thus justifies a further forceful monetary policy response.”… Source
UK Central Bank Raises Interest Rates to 3.5 Percent, a New 14-Year High
December 16th, 2022 
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