The Bank of England has raised interest rates by a quarter of a point to 4.5% as it forecast inflation would stay higher for longer than previously expected and the economy would perform more strongly.
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The Bank’s monetary policy committee (MPC) voted by a majority for a 12th successive increase in borrowing costs, continuing its most aggressive rate-hiking cycle since the 1980s in an attempt to dampen UK inflation, which remains in double digits. UK rates are at the highest level since October 2008, when the global economy was in the grips of the financial crisis.
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