World Economy

BoE Set to Raise Interest Rates

BoE Set to Raise Interest RatesBoE Set to Raise Interest Rates

The Bank of England is set to raise interest rates for the first time in a decade to combat rising inflation, according to economists. They believe that members of the Bank’s Monetary Policy Committee will vote 6-3 in favor of lifting the base rate from 0.25 to 0.5%, Yahoo reported. However, with inflation climbing to 3%, well above the MPC’s 2% target, the market believes that rates will be hiked on Thursday, the first in a series of slow, gradual increases.

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