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  HOME | Business & Economy (Click here for more)

Bank of England Increases Bank Rates to 0.5%, First Hike in a Decade

LONDON – The Bank of England announced on Thursday it had increased the United Kingdom’s banking rates by 0.25 percentage points up to 0.50 percent, the first increase in over a decade.

The bank’s statement said its monetary policy committee voted by a majority of 7-2 to increase the Bank Rate, a move that is seen as a step to counter the effects of the June 23, 2016, referendum to pull the UK out of the European Union.

“The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment,” the bank’s statement said.

The bank said it considered the British economy, with a 1.5 percent interannual growth, to be sufficiently buttressed to cope with this bank rate increase while seeking to rein-in inflation.

 

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