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Bank of England hikes rates by half percent

The move comes after inflation hit 9.4 percent in June.

The Bank of England raised on Thursday its benchmark interest rates by 50 basis points to 1.75 percent — while warning that the U.K. is heading towards recession.

  • Johanna Treeck
  • Politico

“Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since the May Monetary Policy Report and the MPC’s previous meeting,” the BoE said after the decision, the largest interest rate hike since the central bank gained independence in 1997.

“Overall a faster pace of policy tightening at this meeting will help to bring inflation back to the 2 percent target sustainably in the…

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