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The Bank of England raised interest rates to 0.5% on Thursday, with about half of its monetary policy committee members wanting a bigger hike to contain price pressures, as the bank warned that inflation would soon exceed 7 percent.
The majority of MPC members voted to raise rates by 0.25 percentage points.
The move comes on the heels of last December’s interest rate hike, the first two successive rate hikes since 2004, and reflects the urgent desire of policy makers to show they have control of the rising cost of living crisis.
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