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Evening Standard
Evening Standard
Business
Simon English

Bank of England raises interest rate to 0.75% and warns inflation will hit 8%

Bank Bank of England

The Bank of England

(Picture: PA Wire)

The Bank of England moved as expected to put borrowing costs up today and was widely encouraged to keep going.

The rate-setters on Threadneedle Street moved base rate from 0.5% to 0.75%, eschewing calls for a jump to 1%. That will probably come next month as the Bank battles inflation it has been criticised for being late to address.

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