The Bank of England raised its key rate for a third policy meeting in a row as inflation is forecast to climb even higher after the Russia's invasion of Ukraine. Policymakers led by Governor Andrew Bailey decided to raise the key interest rate, the bank rate, by 25 basis points to 0.75 percent.
The Monetary Policy Committee voted by a majority of 8-1 to hike the rate by 0.25 percentage points. Policymaker Jon Cunliffe preferred to maintain the rate at 0.5 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.