The Bank of England lifted its benchmark rate for the ninth straight session on Thursday, but moderated the pace of tightening from the previous session's 75 basis point hike, as widely anticipated, echoing the US Federal Reserve's move a day earlier.
In a three-way split, the Monetary Policy Committee of the BoE raised the bank rate by 50 basis points to 3.50 percent.
At this level, the bank rate is the highest since October 2008. In the November meeting, the BoE had adopted a 75 basis points increase, which was the biggest raise in 33 years.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.