The Bank of England left its benchmark interest rate unchanged for the second straight meeting on Thursday as economic activity in the UK is projected to be weaker than previously estimated and the labor market showed signs of loosening, and the bank vowed to keep the policy restrictive for sufficiently long to bring inflation back to the target sustainably.
The Bank of England raised its benchmark interest rate by a quarter point in a three-way split vote on Thursday. Six member of the Monetary Policy Committee including Governor Andrew Bailey voted to lift the bank rate by 25 basis points to 5.
The Bank of England raised the interest rate more aggressively on Thursday citing persistent inflation and labor market tightness. The rate-setting panel voted 7-2 to increase the bank rate by 50 basis points to 5.
The Bank of England hiked its key interest rate for the eleventh consecutive session on Thursday as an unexpected rise in inflation compelled policymakers to ignore the banking sector turmoil.
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