Bank of England lifts interest rates by 50 basis points in split decision
The Bank of England decided to lift interest rates by a half point to the highest level since 2008 in a contested decision, as the U.K. central bank joins peers across the globe in trying to bring inflation down by quelling demand.
The U.S. Federal Reserve on Wednesday opted for a 75 basis point hike, as did the Swiss National Bank earlier on Thursday. The Norges Bank increased rates by a half point, while the Bank of Japan kept rates unchanged. According to the minutes, the majority viewed that “a tight labor market with wage growth and domestic inflation well above target-consistent rates justified a further, forceful response from monetary policy.”
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