The Bank of England raised the benchmark rate by a half percentage point on Thursday, defying expectations for a bigger move, as policymakers assessed that the UK economy has already landed in a recession.
The Monetary Policy Committee decided to raise the bank rate by 50 basis points to 2.25 percent from 1.75 percent, in a three-way split vote. The seventh straight rate hike took the interest rate to the highest since the 2008 global financial crisis.
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by Renju Jaya
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