Latest News by Industry
• The Monetary Policy Committee increased the rates by 25 basis points to 1.25%
The Bank of England on Thursday hiked interest rates for the fifth time in a row due to the soaring inflation.
The Monetary Policy Committee voted 6-3 to increase the rates by 25 basis points to 1.25%.
“In view of continuing signs of robust cost and price pressures, including the current tightness of the labour market, and the risk that those pressures become more persistent, the Committee voted to increase Bank Rate by 0.25 percentage points, to 1.25%, at this meeting,” the committee said in a statement.
“The MPC will take the actions necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit,” it added.
In May, the bank had raised interest rates by 25 basis points to 1% as the UK inflation soar to a 40-year high.
Picture Credits: Getty Images
ALSO READ: