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The Bank of England’s Monetary Policy Committee voted to raise the Bank Rate to 4.25% from 4%, the highest level since October 2008, the start of the financial crisis.
Global central banks continue the cycle of tightening monetary policy to fight inflation.
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This is the 11th straight increase in UK interest rates, even though the Bank of England believes that inflation will fall sharply in the next few months.
CPI inflation is still expected to “fall significantly” in Q2 2023, to a lower rate than anticipated in the February Report, it says, partly due to the freeze on household energy bills.
