Despite weak growth prospects, the Bank of England decided to hike its key rate by a quarter-point to a 13-year high as policymakers try to bring inflation, which is now expected to peak above 10 percent this year, back to the target.
The nine-member Monetary Policy Committee, led by Governor Andrew Bailey, raised the key bank rate to 1.00 percent from 0.75 percent, in a split vote.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
by Renju Jaya
For comments and feedback: contact editorial@rttnews.com