The Bank of England hikes its rate
Yesterday, the Bank of England's Monetary Policy Committee (MPC) hiked its interest rate by 0.5% to 3.5%, as was expected. This is far from sufficient to considerably reduce inflation, but the UK economy is not in a state that would allow the rate to be raised more aggressively. Notably, two out of MRC members voted to keep the interest rate unchanged. The pound responded by falling, which could continue.
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