The Bank of England (BoE) has raised its interest rates from 2.25 percent to 3 percent – its highest rate hike since 1989.This is the eighth time in a row that the central bank of the United Kingdom has hiked interest rates.On Thursday, the bank’s monetary policy committee (MPC) voted by a majority of seven to two, to increase the base rate of interest by 0.75 percentage points.
The MPC blamed higher energy prices and a tight labour market for the decision to increase rates.
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